Container prices/sentiment/earnings comments/Bailey ready to cut again

Obviously depending on how long the port strikes continue on, I do want to wait until next week to see if there is any notable flow thru to container shipping rates and to what extent ships are re-routing to the west coast vs sitting and waiting for the strike to end and enter the east and gulf coast ports. But, at least through yesterday prices continue to fall. I'll add here the Shanghai to New York route and prices here fell by $106 w/o/w to $5,922. The peak this year was $9,612 in mid July and it started the year at $3,074. The trips to Rotterdam and LA fell too. We'll see fresh air cargo rates tomorrow. 

Shanghai to NY

While the market continues to chop around, though still around record highs, the sentiment continues to get more bullish as measured by the weekly Investors Intelligence survey of newsletter writers. Bulls rose to 55.7 from 52.5 while Bears fell by 1.6 pts to 21.3. That's the highest Bull read since late July. Also, just a few days ago the CNN Fear/Greed index touched 75 which straddled the 'Extreme Greed' category but has since fallen back to 68, back into 'Greed.' After touching 50.8 two weeks ago, AAII today said Bulls fell for a 2nd week, by 4.1 pts to 45.5. They still remain well above Bears at 27.3, though up 3.6 pts w/o/w. Bottom line, sentiment has definitely shifted more bullish over the past few weeks, alongside the Fed's more aggressive rate cut and the trip back to the market highs but nothing is extreme, just complacent.