Baltic Dry Index Update
The Baltic Dry Index Continues to soar following my call for a breakout at 3,200ish (July 2021). I think the BDI remains a good indicator right now for a few reasons:
1. From a technical perspective, it is behaving exactly as expected (hence the call from 3,200 - it was an easy read)
2. The breakout and move higher is consistent with a bottleneck in global shipping
3. The #bullish price action is yet another harmonious variable in my view of the global macro repricing; although I am still treating the idea of "re-pricing" as a theory.
I am going to not this as a continued long until we reach the 4,700 threshold; at that point, we can reassess.
1. From a technical perspective, it is behaving exactly as expected (hence the call from 3,200 - it was an easy read)
2. The breakout and move higher is consistent with a bottleneck in global shipping
3. The #bullish price action is yet another harmonious variable in my view of the global macro repricing; although I am still treating the idea of "re-pricing" as a theory.
I am going to not this as a continued long until we reach the 4,700 threshold; at that point, we can reassess.
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