In the US I bought DRYS,SIGA,GNK,CTHR,ZHNE,SID,KTOS,GGB. Only CTHR is showing a profit and DRYS and GNK look horrible. Re-examining the charts for those two, retrospect suggests I should have been more careful. They were already extended having enjoyed a huge run up.
They are both in the same sector. Dry bulk shipping which is benefiting from a massive rise in freight rates. In theory this should translate directly into profits. So they could still come good.
The FTSE also saw a nice run up but my picks of UTV, BOY, LLOY, INCH, KLR have yet to offer any decent returns. Yesterday I bought FSJ and CKN. They are in the marine freight servicing industry, they have shown steady price growth and should benefit from the market movements that saw DRYS and GNK skyrocketing. They are the best performers in my UK picks even though I only bought them a day ago.
It is early days but the losses hurt.
I pulled out of my small gold holding which looks to be going nowhere.
The big lesson from all this is that the world economy must be on the mend. Such a sharp rise in dry shipping rates suggests that world trade is on the move. Watch out for that tapering and higher interest rates. US retail sales figures are out later today which should give more guidance.