Wall Street Manna

An irreverent look at Wall Street

Thursday, September 18, 2008

Take some DryShips!

DryShips (DRY 49.18) needs to be taken here. The stock is down from 130, and this is another number that has been recklessly shorted. It hit it's annual low today of 44, and reversed to close up.

If you need an excuse to buy, just consider this: The Baltic Dry Index has finally caught some life, up 3 days in a row after relentless pounding. You have a stimulus plan in China, and a resolution cooking for the toxic debt on the balance sheets of banks here in the US.

It means we are now in a better market environment. And the new short selling rules will prevent the shorts from gang banging this stock down.

And if you don't like the chart, or you don't like the stock, then change your opinion. You can get paid here for the switch.

Especially at less than 4x earnings!

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