We are sure it's nothing – since stock markets in China and The US are soaring – but deep, deep down in the heart of the real economies, there is a problem. The Baltic Dry Index has fallen for 21 straight days, tumbling around 40% since Thanksgiving Day.  

This is the biggest collapse in the ‘trade' indicator (which we should ignore unless it is rising) since records began 28 years ago…

As The Index itself hovers very close to the post-crisis lows…

Charts: Bloomberg