The market is in rally mode again today. I still dont trust this rally and will bail out at the first sign of breaking but you have to respect the trend for now. Yesterday i bought another dry bulk shipper after i sold off my remaining position in DRYS. I bought calls for DSX (Diana Shipping). DSX has moved considerably less in the last month compared to DRYS and both of them do the same exact business. I felt the risk/reward was better with DSX at this point than DRYS which has run up a little too fast for me to buy anymore. DSX reported a nice quarter this morning (no suprise due to the recent surge in dry bulk shipping rates) and both these stocks are rallying off the report.
I also sold my national aluminum stock last night at 500RS which i had bought for 450Rs a few days ago. The Indian stocks move in huge multiples which is great if your on the right side of the trade but probably feels a thousand knives stabbing you if your wrong. I have yet to experience that pain since i have made only 2 trades in the indian market so far but i have no doubts that i will soon be caught on the wrong side and experience that wonderfull feeling.
I also love the fact that i can now get my trading fix every 7 hours instead of having to wait an entire day. The indian stock market opens at 11.20 pm CST and closes at 4.30am CST.
Current Longs: DSX, DUG, TSO, Hero Honda
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