Sunday, October 3, 2010

Another speculative long...



DRYS announced on the 28th of September that they won a $135 mln contract. This caused the stock to explode on high volume. This news is fuel than can push this stock which has been some what neglected to much higher levels. It has been consolidating below $5.00 resistance for the past three days forming a bull flag. If DRYS manages to break through $5.oo and the markets continue to push up then DRYS could find minor resistance @ $5.60 (spot to take some or all off) and then possibly major resistance @ $6.80 (a stop can be trailed beneath the swing lows up to this level on the remainder of the position).

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