The broader markets opened higher this morning on the weaker than expected job numbers in the hope that the Fed would continue the easy money. And then sold off hard on the Syria thing. At least that is the explanation by the talking heads. The same heads that have been predicting a big selloff in September. Why? Why, because that is what stocks do in September. Sell off!
Right. Whenever I hear of a big selloff coming I expect the opposite to occur.
At any rate the stocks rallied back to gains this morning. The panic was short lived. This is a good indicator of the resilience and the optimism of the stock market, and I think it reflects a growing awareness of the underlying strength of the world economy. EEM looking good as well.
The Baltic dry index was up another 5% overnight. Another strong indicator. IMHO.
I sent Josh Brown of the The Reformed Broker an email pointing out the strength of the BDI. He sent a short note back. I am kind of hoping they start to mention this on the Tellyvision (cnbc). But that is a mixed blessing since some will take that as a chance to sell to the less informed........
We will see..
And by the way, there is another bulk carrier... Safe Bulk... SB