Shares of DryShips (DRYS) Continue Higher on Strong Volume
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DryShips Inc. (Nasdaq: DRYS) shares are continuing higher Tuesday, up about 7.5 percent on the session.
Closing up nearly 11.5 percent Monday, shares have been making a strong move since February 3rd. Shares have also seen some strength over the $3.25 price level.
Volume of over 15 million shares this morning is more than double the trailing 3-month average.
The Baltic Dry Index, the largest factor into determining drybulk shippers day rates, is up about 5 points to 734. The Index continues to bounce off 25-year lows.
Based out of Athens, Greece, shares could also be gaining momentum as new austerity measures got the nod over the weekend, paving the way for a second round of bailouts for Greece to the tune of €130 billion. Other shippers have seen similar reactions.
Crude oil on the NYMEX is up about a half percent to $101.43 per barrel.
Closing up nearly 11.5 percent Monday, shares have been making a strong move since February 3rd. Shares have also seen some strength over the $3.25 price level.
Volume of over 15 million shares this morning is more than double the trailing 3-month average.
The Baltic Dry Index, the largest factor into determining drybulk shippers day rates, is up about 5 points to 734. The Index continues to bounce off 25-year lows.
Based out of Athens, Greece, shares could also be gaining momentum as new austerity measures got the nod over the weekend, paving the way for a second round of bailouts for Greece to the tune of €130 billion. Other shippers have seen similar reactions.
Crude oil on the NYMEX is up about a half percent to $101.43 per barrel.
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