For now, we are in the eye of the storm, but the storm may die, or we may enter the other side. For now, it can go either way, and with OPEX this Friday, the bounce rally is likely to continue for a week. We may not know the real direction (we may go sideways here)for 3-4 weeks, or more at this point. Volatility will be real, and nasty, and news will trigger whipsaws!!!
BDI and dry bulk shippers are a special case. While Apple, and similar success stories and timing may carry the markets up from the recent lows, the BDI has a severe over supply of ships, higher fuel costs, way over valued book values as they have not marked down the ship values to market value, and the commodity demand is already high, so if commodity demand falls any, some BDI shippers will start to have refinancing problems, and a new round of Europe bank problems may squeeze the shippers that need to refinance anything. So I think, for once, Zachs may have gotten it right.
There are many other really beaten stocks that have dividends, that I think may be better buys today, if we do not go into a double dip recession.
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