www.TheSeaNation.gr

Weekly closing 1985. Many consider 2000 level as an important one but its totally wrong and this is just a psycological level (like 1000), with no technical significance. On the contrary, area around 2200/2400 tends to become a strong resistance.

That area has to be penetrated on weekly closing, otherwise there is a great risk that last months' rally to be a huge trap.The weekly closing Candle is a red one and called ''engulfing'' which is bearish but subject to next week's candle reconfirmation, to ascertain if same is a reversal pattern or not. Capesizes dropping quite fast, with their daily tc equiv around usd32,000 daily, while their top so far was around usd43,000 on Sept 25.

Chinese iron ore buyers are almost vanished so far, and they dont seem so hungry in comparison with Sept. Panamaxes and supramaxes keeping their bullish momentum for time being but, with toppish elements. Handysizes continue in a stable and a very low volatility condition. Owise nothing special but would remind you that the GAP of around 1365 smetime has to be filled.

Stelios Lazaris, md Maritime Investments A.G. Zurich