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Weekly closing 1512. Current situation reminds me a Greek saying: ''Mehri na poume doxa soi o Theos, xanarhizoume to Panagia voitha'', (We are almost ready to say ''Thanks God'', but we say ''please God help us again''). Capesizes' drop is something more than dramatic. There is abs a panic in the market with heavy selling on FFA contracts. Major Charterers hv completely vanished from the market. Panamaxes/Supras/Handies, stormy weather hv caused a lot of delays at ports.

Technically, Index lost 524 points in just one week, (a decline nearly 26 pct), and price is already below the indicator ''Tenkan Sen'' of Ichimoku cloud, (the slight red line inside the chart), for first time after the rally started during June 2013. Same is approaching level around 1480, (the green parallel line inside the chart), a very good support. In case same penetrated, kindly mark region around 2350. In such a case that region becoming ''Major resistance'', similar ''to top support'' around 620 which held so many times, on past downward pressure. Upward ''Break out'' of 2350, in distant future, simply, means long term prosperity for shipping.

The indicator ''MACD'', below the main chart, shows serious downside divergences and describes that bearish momentum will continue. Μain ''strong support'', we can find it around levels 900/1000, where the ''Ichimoku cloud'', (the coloured cloud inside the chart) situated, while intermediate very good support is around 1200.

However pls note, that positive seasonal factors, start during Febr (S.American grain season), and expect to at least halt the decline, but before that we hv the Chinese New Year holidays, where everything is almost dead in China. Last but no least, market for time being, behaving exactly like in 1981 (as the veterans remember), when we had a mini rally, and next year market crashed with as a result, vessels to lay up for almost 6 years, Not confirmed yet, and we dont want even to think about for a similar scenario. Would again remind you, that as long as price is above Ichimoku cloud prospects are positive for distant future, but also pls keep in mind ''that everything can happens to the markets''.

Stelios Lazaris, md Maritime Investments A.G. Zurich