Lack Of Conviction
Looks like the markets similar like Belisarius exhibit lack of conviction. Maybe most interesting development is that Baltic Dry Index keeps falling lower and lover. Collapse here could serve as an advance indicator of China and commodity fall-down..
Chart 1. Baltic Dry Index
Source: Bloomberg
Elsewhere not much happening, sort of contemplation surrounds the markets, and when we have nothing negative n the news-flow we move up on no reason.
Maybe this kind of sick sentiment is a sign of something big brewing.