End of hopium

We've talked about the Baltic Dry Index before

Global Growth Hopes Fade As Baltic Dry Drops Most In 11 Months

Zero Hedge,

1 October, 2013

While the recent surge in the Baltic Dry Index was headlined as 'proof' that the global recovery was 'on', China is back, and every retiree shoulBTFATH, we recently noted, all was not at all it seems on the surface of this data. Fast forward a few days and we have had 2 China PMI misses (notably disappointing relative to their Flash prints) and now the Baltic Dry has plunged by its most in 11 months over the last 4 days. Of course, we've seen these kind of ramps and dumps before in the Baltic Dry - though it is odd that we don't hear the cheerleaders as the price collapses.