By Hedge Ly
Leading the way in the shipping space today is DryShips DRYS is up 3.6% to 4.87 on heavy volume. Over 17 million shares have changed hands as of 1:00est vs th three month average 10 mil shares a day.
Option traders speculated on upside November calls with nearly 20k trading vs 2k puts ahead of Wednesday's EPS release. Volatility is flat holding around 43.
The Baltic dry index is down on the day half a percent, though the index is at medium term support of 2500.
I posted on the BDI a few months ago support levels and the need for the index to get back over 5000 to really signal significant gains in the shipping industry cargo sizes. With commodities all on the rise via inflation or? it seems raw material prices will only go up and shippers will be there to profit. ON the other hand fuel prices approaching 2 year highs with crude at 90$ a bbl.
