Best Economic Indicator You've Never Heard Of

Both Dennis Gartman and Larry Kudlow have reported recently on the recovery in the London-based Baltic Dry Index (BDI), "an assessment of the price of moving the major raw materials by sea. Taking in 26 shipping routes measured on a timecharter and voyage basis, the index covers Handymax, Panamax, and Capesize dry bulk carriers carrying a range of commodities including coal, iron ore and grain."

A few years back, Slate Magazine called BDI the "The best economic indicator you've never heard of."

The chart above displays the BDI over the last three months, and shows the strong 34% increase in the BDI since its low in mid-December. Could this be a recovery "mustard seed?"