Dry Ships Stock Has Tanked

I am always looking for a good deal in the stock market. Shippers of dry goods were extremely volatile in the past few weeks. Their stocks jumped off the charts two weeks ago. Who knows why? Rumors are that Donald Trump won the election, and his policies would bolster the shipping business.

Then the bottom fell out. The stocks crashed hard. Those that rose the most fell the hardest. I spied on a stock I liked. It had gapped up to $70 or so. I think it might have traded North of $100. Then it fell down to $11. I wanted in.

The next day I tried to buy some at the open. It had jumped back up to $21. Too high. Then it fell back to $11. I saw it bounce back up to $14. When it sank back below $11, I knew I had to go in. I picked a ton up at $9 per share. Figured I could sell it if it jumped to $21 or $14. Could make a pretty penny.

Oops. The stock continued to fall. Went down to $7. Now it is $5 and changes. Ouch. That has got to hurt. I have not sold yet. But if I did, I would lose all the gains I have been making in the stock market for the last few months. And then some.

I am hoping the price will rise so that I can exit this position. I have been in this situation before with another stock. That one turned out to be a happy ending after much pain in between. Maybe I can get a repeat on this latest stock?