Shipping Stocks Squeeze
Nicholas Santiago | Jun 18, 2013 12:16AM ET
Shipping stocks, one of the few sectors still near/at their 52 week lows are on the move in dramatic fashion. The smallest of the group are seeing the biggest moves. FreeSeas Inc. (FREE) is trading at $0.580, +0.215 (58.81%) while NewLead Holdings Ltd (NEWL) is trading at $0.188, +0.048 (34.00%).
This is a classic short squeeze. Other shipping players are up as well, though not seeing massive gains. DryShips Inc. (DRYS) is trading at $1.86, +0.04 (2.20%).
As long as the market stays strong over the next week, focus on the shipping stocks that are near their lows but have not moved in a big way yet. DryShips would be one, along with Genco Shipping & Trading Limited (GNK).
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