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Here's One Leading Economic Indicator That Looks Like Hell

From Wikipedia:

 

The Baltic Dry Index (BDI) is a number issued daily by the London-based Baltic Exchange. Not restricted to Baltic Sea countries, the index tracks worldwide international shipping prices of various dry bulk cargoes...  
Because dry bulk primarily consists of materials that function as raw material inputs to the production of intermediate or finished goods, such as concrete, electricity, steel, and food, the index is also seen as an efficient economic indicator of future economic growth and production. The BDI is termed a leading economic indicator because it predicts future economic activity.

 

As the chart above clearly shows, this index is currently testing its worst levels of the recession. Have the bulls just conveniently ignored this fact?