Update on shipping costs/Sentiment/BoJ/'Complex'

Ahead of PPI today and post CPI I'll give an update on container shipping rates that get updated on Thursday's. Understand the importance of watching this because a majority of global goods produced end up on a ship. The Shanghai to Rotterdam trip rose another $145 w/o/w to $6,177. It's doubled since May 2nd and is up almost 4x off the late 2023 lows. The route to LA rose $50 w/o/w to $6,025. 

WCI Shanghai to Rotterdam

WCI Shanghai to LA

As of last Friday, so of course missing the rally this week and likely sending it even higher, stock market sentiment in the Investors Intelligence survey got extreme again. Bulls rose to back above 60 at 60.3, the highest since the end of March while Bears fell to 17.6 from 18.2, thus sending the spread back above 40. AAII today said Bulls rose 5.6 pts to 44.6, the most since early April and Bears fell 6.3 pts to 25.7, a 4 week low. I'll add the Daily Sentiment Index gauge thanks to my friend Helene Meisler. For the SPX it's at 87 and for the NASDAQ it closed at 88. The range is 0-100 with a higher read more bullish and vice versa. 

Bottom line, if one is long the big names, they've of course been very right in contrast to the very mixed stock market activity in most everything else. That mood though is extremely giddy and something to keep in mind.