Baltic Dry Index a Positive Signal for Commodities?

My resident chart maniac, subscriber Joe, sent a chart of an international container shipping company with a hell of an interesting daily chart pattern (I am going to consider it for an NFTRH+ highlight with a hat tip to Joe, after I get a bit more familiar with it). As an extension of that I went looking for the Baltic Dry Index (BDI) for the 1st time in years. Here is what I found…

A weekly chart in a very interesting bottoming pattern (Inverted Head & Shoulders-like).

baltic dry index

The BDI is really a calculation, not an index of stocks so you can’t buy this chart. The closest thing I’ve found is SEA, the Guggenheim Shipping ETF. It looks nothing like the above and I am not interested in it. But the chart that Joe sent of the individual shipper is interesting.

Anyway, on the broader macro picture a constructive BDI often means a constructive commodity sector and if this resolves bullish, commodities and commodity countries like Australia, sitting right in the shadow of the voracious consumer China for instance, may be interesting. Here’s the bigger view of the BDI.

baltic dry index

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