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September 9, 2021 | Baltic Dry Freight Index: Marking the Peak for Shortages?
Bob Hoye
Our proprietary model provides Upside Exhaustions at close to important highs, as well as Downside Capitulations near important lows.
Weekly such signals can be timely for trading, but to have it on the Monthly, Weekly and Daily stats is exceptional, and one has been recorded now. And in getting the signal in three time zones its a “Trifecta”, this time a “Sell” indicating a possible cyclical peak.
The last for the BDI was in November 2007. The S&P set its cyclical peak at 1576 on October 11, the economy peaked in that December, and the worst financial calamity since the 1930s followed.
In that fateful December, Harvard’s Greg Mankiw boasted that nothing could go wrong, as the Fed had the “dream team” of economists.
The S&P bottomed at 666 in March 2009.
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Bob Hoye September 9th, 2021
Posted In: Charts and Markets - Bob Hoye