Short the Cramer's Pop in OCNF

[Bman409]

Last night Cramer mentions Ocean Freight (OCNF) as a stock to buy, to capitalize on the strength in dry bulk shippers and soaring freight rates..

As a result, the stock is trading up about 5.5% this morning in pre-market trading


This is a very good entry on a speculative short sale, in my humble opinion.


Why??

Because the Company doesn't even own a fleet of ships yet. This company IPO'ed in 2006, and they used their money from going public to purchase a fleet of 7 ships..SHIPS THAT THEY HOPE TO RECEIVE BY AUGUST OF 2007!!!!!!


So this company doesn't even have a fleet yet, but the stock is charging higher, like a wild bull

This reminds me of the internet bubble and I've opened small short in OCNF at $23.95, in pre-market trading

[TonyM]

Whom do you use as a broker that allows short sales in pm? Scottrade does not and it pisses me off to no end when you can see these big down openings coming like this am.

[Bman409]

Whom do you use as a broker that allows short sales in pm? Scottrade does not and it pisses me off to no end when you can see these big down openings coming like this am.

www.interactivebrokers.com

[Bman409]

This is from Ocean Freight's Website:



Our Fleet

We have entered into agreements to acquire our initial fleet of six Panamax drybulk carriers and one Capesize drybulk carrier. We expect to take delivery of the vessels in our initial fleet prior to August 15, 2007.

OUR INITIAL FLEET

The following table summarizes information about our Initial Fleet:

Vessel Name Class Size (dwt) Year Built
Topeka Panamax – Dry Bulk 74,700 2000
Lansing Panamax – Dry Bulk 73,000 1996
Pierre Panamax – Dry Bulk 70,300 1996
Austin Panamax – Dry Bulk 75,200 1995
Trenton Panamax – Dry Bulk 75,200 1995
Helena Panamax – Dry Bulk 73,700 1999
Juneau Capesize – Dry Bulk 149,500 1990

http://www.oceanfreightinc.com/fleet.html

[TonyM]

Thanks for the info...another question if you don't mind....do they ever let you short stocks under $5 or enter p/m orders before 8am?


That list of ships is pitiful...bunch of old fuel inefficient discards, good choice with ever increasing fuel costs:roll: Looks like a great short candidate, the market open should scare those new buyers out of that one pretty quick I would think.

[Bman409]

Thanks for the info...another question if you don't mind....do they ever let you short stocks under $5 or enter p/m orders before 8am?


That list of ships is pitiful...bunch of old fuel inefficient discards, good choice with ever increasing fuel costs:roll: Looks like a great short candidate, the market open should scare those new buyers out of that one pretty quick I would think.

You can short stocks under $5.00..


You can enter orders prior to 8 am as well

I highly recommend IB to frequent traders.. I've had wonderful success with them.. and its CHEAP!

[Bman409]

DRYS is getting crushed today... down 7%

[Bman409]

This reminds me of the internet bubble and I've opened small short in OCNF at $23.95, in pre-market trading



Downside target here is at least $22.00.. just to get back to the 13 day EMA


I'm ADDING SHORT HERE!

[Bman409]

With apologizes to Mark Knopfler:

That ain't workin'.. that's the way you do it.. you short the stocks pumped on CNBC... that ain't workin... that's the way you do it.. money ain't for nothin and the chicks for free

That ain't workin'.. that's the way you do it.. let me tell ya them guys ain't dumb... maybe get a blister on your trading finger... maybe get a blister on your thumb...

we gotta short sell some shares of OVEN.. we've got some dollars to liberate.....





OCNF and SEA... imploding