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Chief Market Strategist Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial... More
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  • Alert: DryShips Inc. Block Buy Signals Major Breakout Soon 0 comments
    Aug 21, 2013 1:08 PM | about stocks: DRYS, PRGNF, DSX, EGLE

    Someone, most likely an institution picked up over seven-million shares of DryShips Inc. (NASDAQ:DRYS) around the $2.00 level today. This equates to around $15 million in stock or just under 2% of the company. This was a monster buy. The interesting aspect of this trade is multi-fold. First, the size is somewhat alarming. It does not happen often. Second, the stock is just below a major breakout trend line (note the chart below). Third, the Shipping Index that tracks rates is near the 2013 highs and a big breakout. If a global economic recovery is near, these companies have huge upside potential.

    Combining these factors makes for a rosy picture for DryShips. A breakout would occur on a close above $2.20. This could trigger a massive move on the stock to $3.50.

    Gareth Soloway

    Stocks: DRYS, PRGNF, DSX, EGLE
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