Tuesday, October 27, 2009

Genco Shipping (GNK) Update/ Baltic Dry Index ($BDI)

FOLLOW UP to initial entry post ~link~

As I originally posted, I suggested entry into GNK with a covered call I also suggested that I would look for a lower price to add to the position. Today GNK traded as low as $20.38, currently it's at $21 as I type. Should one add here? I was tempted, but with earnings due out Thursday morning I will stay on the sidelines. With the general market in a corrective phase and the GNK chart giving a bearish signal, lets wait a few days for confirmation. My original partial entry is at a cost basis of $21.20 any way...we may see $20 or $19.50 in a few days (buy more @ $19.50), if not I'll reassess the earnings report and decide then.

Genco Shipping & Trading Limited Earnings Conference Call (Q3 2009)
Scheduled to start Thu, Oct 29, 2009, 8:30 am Eastern

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