Shipping rates will bounce after Chinese New Year ends. Also people should remember that DRYS operates 10 tankers - 4 Suez and 6 Aframax. Rates for those have recently gone parabolic, going as high as 100k this month (for Afra).
IMO today will be a good day to start buying DRYS as market looks to be down. Buy on the sale because come March DRYS will be much higher.
I fully agree with you about $DRYS. I love the charts and I believe they are undervalued due to the current shipping industry conditions. The company has a book value over $6 and is in position to have positive earnings.