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Are Shipping Stocks Ripe for Entry? Keep Your Eye on These Two

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While the market remains in bull zone, shipping stocks percolated on Friday and look ripe for entry on the long side.

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There will be much talk about how bullish the market was during the first quarter. One can easily begin to think that anything but buy-and-hold is a worthless strategy, considering many bulls underperformed the thin, strong market during the first three months. It has been my personal experience that during times like these, reflecting on your trading, the setups you took, and the opportunities that you may have passed on is a far more productive exercise than staring at the market and wondering why you shouldn't just go all in.

The Dow has bounced off short-term support twice now and I continue to watch 13,055 as the initial line in the sand. Should that level be punctured I'll be 12,953 and finally 12,730 as subsequent support levels. Anything above the later level I would consider bull territory, and even a breach of the 12,730 level doesn't give the bears a total leg up. Take it one day at a time and let the trades come to you.

On Friday I started two new positions in the shipping sector, buying DryShips (DRYS) and Diana Shipping (DSX). Both have been consolidating earlier runs and broke on strong volume Friday. Today may offer a pullback here which is worthy of watching, not necessarily buying. Keep these two on your radar going forward and check out today's video to understand more about what I'm watching here.

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Positions in DRYS, DSX

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