Chicago Fed National Activity Index for October was reported at -0.38 vs. revised September reading of -0.52. Chicago Fed National Activity Index 3-month moving average was at -0.46.

When the CFNAI three month moving average value moves below –0.70 following a period of economic expansion, there is an increasing likelihoodthat a recession has begun.

Another indicator pointing to mild growth and still indecisive on whether it will turn lower.

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Number of crude oil drilling rigs rose for 11; Number of natural gas drilling rigs fell for 19. Significant shift from natural gas drilling to crude oil. This should be supportive for natural gas price.

On world scale number of drilling rigs rose for 43 rigs in October. All of the gains coming from North America.

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Baltic dry index fell 6.8% last week; Capesize Index was down 2.4%; Panamax Index fell 13.8%; Supramax Index was down 8.4%; Handysize Index fell 5.4%.

Capsize Index started forming a bottom; Steel inventory falling; As I wrote last Monday I expect Chinese buyers returning to the market soon and substantial ramp up in iron ore imports.

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U.S economic data & earnings calendar…

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