At midday, the Dow was about 13130. Volume was low (nothing new there). I came back from lunch and the Dow was only up about 60 points. The Nasdaq actually went into the negative territory (down around 20 points). I noticed a huge reversal in the shipping stocks. Those have been on a tear. I currently own Diana Shipping (DSX). It was over $41 this morning and started falling on heavy volume and is now down over $1 for the day at $38.
I don’t see anything specific that would have caused this reversal. This kind of reminds me of those midday reversals after the market’s been going down for a while. Bottoms typically reverse for no reason and when nobody sees it coming. That could be what we’re seeing here. A midday reversal for no reason on no news. I’ll continue to sniff around to see what caused this. Perhaps nothing.
Still holding shorts, longs, & cash.
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