Shipping Plunges Yet Again

First, a trade: sold FXP for $172.10, a 75% gain.

Next, shipping news: Capitallinkshipping is reporting that the BDI is down to 960. Reuters reports that Brittania Bulk Shipping (DWT) is considering bankruptcy after fuel price hedges caused losses on top of charter prices that didn't cover costs. DWT is now down 98% this year. At it's peak, it was worth $390 million.

Now for the link on the Chinese attack of the dollar: "US Has Plundered World Wealth with the Dollar" - People's Daily. Unsurprisingly, a search on the People's Daily website turned up no matches. The ironic thing about this is that the Chinese Yuan is disqualified from itself being a reserve currency because of its peg to the dollar. My strategy to play this is to wait until FXP drops back down below $100 and buy again. Now that Chinese markets are in sandpaper mode, the ultrashort fund is a great way to trade on this. I was looking at Yuan ETF's, but both CNY and CYB are not marginable securities, so they would take up too much room in my portfolio.