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."In The Baltic Dry Index Falls, Again… Even as Equities Rally, I wrote: “Well, despite a parabolic move in equities yesterday, the BDI actually DROPPED. AGAIN.”
As equities rallied about 25% off the lows, BDI actually dropped about 35%. Global trade is not improving. The global economy is not still contracting quickly. Earnings season will be a disappointment. This rally in 'risky assets' is set to fizzle...
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