In Baltic Dry, Global Trade: The Rally in Equities Isn't Real, I wrote: "The Baltic Dry Index (BDI) has been losing steam during this rally in equities. A sustainable trend changing rally in equities would be accompanied by an increase in BDI."
Well, despite a parabolic move in equities yesterday, the BDI actually DROPPED. AGAIN.
I will re-iterate: The shorts got squeezed. Hard. Yesterday the last of them panicked and hit the eject button. Don't mistake this for a new Bull market.