* By Polar Bear
The Baltic Dry Index has now fallen to 815. Back in June, 2008, it stood at 11,793. In any language, this is a massive contraction in the movement of raw materials for manufacturing. Currently, fund managers and other stock market participants are paying no heed. I am not a forecaster, but one might observe that bear markets, in their early stages, are crowded with optimists.
Here are the latest "Big Money" poll results as reported by Barrons for Monday November 3:
An article in The Wall Street Journal suggests that stocks look cheap world-wide. On the basis of reported earnings up until recent months, this might seem a reasonable proposition. On the other hand, one could observe that June 30, 2008, the end of our last financial year, is, as they say of the past, another country.