Global shipping rates remain on an upward track, as indicated by the Baltic
Dry Index, a composite of the Baltic Capesize, Handymax and Panamax
indices.
At yesterday's close, the BDI was at 4,629 (January 1985=1,000),
up from 4,397 at the end of 2006 and 2,300 a year ago. The index reached a
20-month high earlier in the month, at 4,647.
The continued surge is a
sign of strength in the global economy and should help put a floor
under commodity prices, which tend to correlate well with the BDI.
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Tony Crescenzi Blog Speculators Swing to Short on Oil 1/16/2007 10:41 AM EST Large traders are more bullish on oil than they have been in nearly a year.
Tony Crescenzi Blog Toss Out the Empire Survey 1/16/2007 8:45 AM EST All eyes will be on the Philly Fed survey.
Tony Crescenzi is the chief bond market strategist at Miller Tabak + Co., LLC, and advises many of the nation's top institutional investors on issues related to the bond market, the economy and other macro-related issues. At the request of the Federal Reserve, Crescenzi is a regular participant in the board's Livingston Survey of economic forecasters. He is also the author of The Strategic Bond Investor. At the time of publication, Crescenzi or Miller Tabak had no positions in the securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Crescenzi also is the founder of Bondtalk.com, a popular Web site covering the bond market and the economy. Crescenzi appreciates your feedback; click here to send him an email.
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