Genco Shipping & Trading
One final under-$10 shipping player that looks ready to trigger a near-term breakout trade is Genco Shipping & Trading ( GNK), which transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk carrier vessels. This stock has been hit hard by sellers so far in 2013, with shares off big by 40%.
If you take a look at the chart for the Genco Shipping & Trading, you'll notice that stock is another name that's bucking the overall market weakness today, with shares currently trending to the upside. Shares of GNK recently started to spike higher right off its 50-day moving average at $1.79 a share with decent upside volume. That move is quickly pushing GNK within range of triggering a near-term breakout trade.
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