BDI, weekly
BDI, monthly
Summary
*I will be posting some sporadic and somewhat random things across the day..so.. stay tuned.
---
So..the BDI has been smashed lower. Certainly, my original upside target for the late spring was 3000/3500..even the 4000s seemed a 'just viable' target..along with sp'1950/2050.
Yet..are those bold targets out of the window now?
Baring a break <1200, I still think the BDI could swing back upward, and if we see the 2000s - at least a little in February/early March, then the original late spring target zone of 3000/3500 is still viable.
-
BDI impacting the shippers
The shippers - which were seeing some significant breakouts to end 2013, have naturally been whacked lower. DRYS is a good example....
DRYS, weekly.
DRYS snapped into the lows 5s..only to see around 25% knocked off..back into the upper 3s.
If...and it is a big if now...the BDI can break back >2000, then DRYS should test the recent high in the 5s, and then proceed into the 6/7s.
One final thing to note about the shippers, you can see the huge trading volume increase. That seems likely to remain the case for much of the spring..if not the year.