My DRYS (Dryships) trade worked out really well today. We finally broke through the resistance line holding us back since Nov 2007. The stock was up $9 today (12%) and i had to stick with my discipline on this. I sold half of my calls today for a 75% profit in 5 days. I still think it goes higher but with a profit like that you have to take some off the table.
Having said that i still love DRYS. The Baltic shipping index which measures the day rates for the dry bulk carrier ships are moving away from their all time lows. To give you an idea of the difference: The shipping rates for 1 ship is $90,000/day. Last year in November the rates were $180,000/day. This cut in shipping costs is already reflected in most of the dry bulk shipping carrier stocks. I want to add more to my DRYS position and will once the stock pulls back a little more more where it closed today (around 78-79)
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