Dear Bottarelli Research Member,
For all of you speculators out there, it’s once again time to play DryShips (DRYS – NASDAQ).No matter if the markets are up or down, it seems like DRYS continues to blast to new highs on a daily basis — thanks in part to the Baltic Dry Index (which tracks rates on 40 routes for vessels carrying cargoes such as coal, iron ore and grain) surging 130 points to a new all time closing high at 9,565.
With the spot day rate for a medium-sized vessels now toping $78,000, this sector does not appear to be slowing down anytime soon, so let’s make a quick October call play to capitalize on this DRYS upside momentum. If you’re the type of trader that likes fast movers, then here’s the play:
PLAY: Buy the DRYS October 105 Calls (DQR JA) at or under $4.40, good for the day. Current bid/ask spread is $3.90 to $4.20. Place a protective stop limit at $2.10.
Lock and load!