New geocache popped up this evening, so I went for it. It is Hack N Sack in Staib Park in Hackensack. Although there is a parking area in the park, access is easier from behind either Fuddruckers or the shuttered-up Route 4 Tenplex theater because you won't need to cross a stream that way. Got FTF on this cache. After that, I went into Fuddruckers and had a chicken taco salad.
Although I wasn't watching for most of the day, I noticed that there was some market action today. In particular, Excel Maritime (NYSE:EXM) was up 13.34%. In one day! Oddly enough, it didn't show up in the Top Movers list even though that is more movement than those stocks that made it onto the list. Perhaps its market cap is not high enough. So how did I get into dryships anyway? Well, I figured, and this was supported by something I read in Daily Reckoning, that with the commodities boom, shipping companies transporting metals, coal, grains, etc, could command premium prices for their services. Then last year, I noticed that Excel Maritime sported valuation ratios too low to pass up; so low, in fact, that I thought there could be something wrong with the company that I wasn't seeing.
Fast forward to today, when after more than doubling this year, the stock is now a bit overvalued. In addition, I've become less optimistic about their potential for revenue growth because of rising fuel prices. So, it's as good a time as any to take some money off the table.