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Baltic update

It was Feb. '09 when I first highlighted the rise in the Baltic Dry Index as a "green shoot" that augured for a global recovery, and I remarked last May that the dramatic rise in the Baltic was "very bullish." I found this chart quite interesting, since it illustrates how the Baltic has indeed been an excellent indicator of the recovery in equity prices worldwide. Usually it is a coincident indicator, but for most of last year it was a leading indicator, probably because the market was so pessimistic that it was reluctant to pay attention to any positive signs.

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