"If the Baltic Freight Index seems to go down every day, then why is FedEx (FDX)still going higher? If Ryder's (R) getting hammered, why isn't United Parcel Service (UPS)? Why are the rails still higher when YRC Worldwide (YRCW) can't get out of its own way? Do you know that CSX (CSX) and Union Pacific (UNP) just had nice moves and they aren't giving them up? Maybe all of these moves are just plain false. You simply can't get stocks to stay up if things are as bleak as the Baltic indicates. It is too predictive." ("The Salutary Effect of Destocking," 4-8-09)

"If the Baltic Freight Index seems to go down every day, then why is FedEx (FDX)still going higher? If Ryder's (R) getting hammered, why isn't United Parcel Service (UPS)? Why are the rails still higher when YRC Worldwide (YRCW) can't get out of its own way? Do you know that CSX (CSX) and Union Pacific (UNP) just had nice moves and they aren't giving them up? Maybe all of these moves are just plain false. You simply can't get stocks to stay up if things are as bleak as the Baltic indicates. It is too predictive." ("The Salutary Effect of Destocking," 4-8-09)

"If the Baltic Freight Index seems to go down every day, then why is FedEx (FDX)still going higher? If Ryder's (R) getting hammered, why isn't United Parcel Service (UPS)? Why are the rails still higher when YRC Worldwide (YRCW) can't get out of its own way? Do you know that CSX (CSX) and Union Pacific (UNP) just had nice moves and they aren't giving them up? Maybe all of these moves are just plain false. You simply can't get stocks to stay up if things are as bleak as the Baltic indicates. It is too predictive." ("The Salutary Effect of Destocking," 4-8-09)

"If the Baltic Freight Index seems to go down every day, then why is FedEx (FDX)still going higher? If Ryder's (R) getting hammered, why isn't United Parcel Service (UPS)? Why are the rails still higher when YRC Worldwide (YRCW) can't get out of its own way? Do you know that CSX (CSX) and Union Pacific (UNP) just had nice moves and they aren't giving them up? Maybe all of these moves are just plain false. You simply can't get stocks to stay up if things are as bleak as the Baltic indicates. It is too predictive." ("The Salutary Effect of Destocking," 4-8-09)

"If the Baltic Freight Index seems to go down every day, then why is FedEx (FDX)still going higher? If Ryder's (R) getting hammered, why isn't United Parcel Service (UPS)? Why are the rails still higher when YRC Worldwide (YRCW) can't get out of its own way? Do you know that CSX (CSX) and Union Pacific (UNP) just had nice moves and they aren't giving them up? Maybe all of these moves are just plain false. You simply can't get stocks to stay up if things are as bleak as the Baltic indicates. It is too predictive." ("The Salutary Effect of Destocking," 4-8-09)

"If the Baltic Freight Index seems to go down every day, then why is FedEx (FDX)still going higher? If Ryder's (R) getting hammered, why isn't United Parcel Service (UPS)? Why are the rails still higher when YRC Worldwide (YRCW) can't get out of its own way? Do you know that CSX (CSX) and Union Pacific (UNP) just had nice moves and they aren't giving them up? Maybe all of these moves are just plain false. You simply can't get stocks to stay up if things are as bleak as the Baltic indicates. It is too predictive." ("The Salutary Effect of Destocking," 4-8-09)

"That's how we bottom. Always. That plus the kind of short-covering we have been seeing -- including stocks such as Bed Bath & Beyond (BBBY) -- explain the part of the market that's rallying today." ("The Salutary Effect of Destocking," 4-8-09)

"I am rattled by the decline in the discretionaries. But how in heck could they not come in? We sold Black & Decker (BDK) around here last week because the company's dividend is unsure and its quarter should be awful. But the last 10% move was all about takeover. I don't think takeovers are coming back in this sector any time soon." ("Deciphering the Market's Mixed Signals," 4-7-09)