DRYS was another long setup that triggered this morning and unlike DSX (both shipping stocks), DRYS moved considerably above the breakpoint of 2.62 and although it has come in a bit, it remains above that level. actually, DSX has now moved back above the downtrend line as i type and from my experience, the stocks in this sector tend to breakout in close proximity. i have a couple of other shippers that i’m watching that i might add as trade ideas soon but again be warned that these stocks can be very volatile and are prone to sudden and powerful moves in both directions once the momo (momentum) traders start flocking to them. therefore, best to adjust your position size commensurate with your risk tolerance and overall exposure to the sector if you decide to take any.
