Dry Docked

"I told you to speak your mind, Jack, but Jesus..."
--Admiral Jim Greer (The Hunt for Red October)

The Baltic Dry Index (BDI)  is a composite of global cargo vessel shipping rates. Many view this measure as an decent indicator of global trade strength. Freight rates tend to correlate with general supply and demand.

During the credit crunch of 2008, the BDI underwent a breathtaking decline, cratering more than 90% over the span of a few months. Then, the index led general markets higher in early 2009, climbing from under 1000 to over 4000 by mid 2009.

Since then, the BDI has essentially been stuck in a trading range. However, it recently marked a lower low, which negates the previous uptrend technically in place.

A Baltic Dry that's loosing traction certainly seems like a negative on the margin.

positon in SPX