China's gonna lead, gonna predict the turn. Is the turn at hand? There is plenty of evidence that the turn has already happened.
Let's tick them down:
1. Baltic Freight Index has more than doubled since the year has begun, from about 660 to 1498, and was up 13% just last night. That's a direct indicator of what is being shipped to China.
2. The Chinese market is up 15%. That's huge, especially when every other major market is down, down big. The Chinese stock market turned viciously bad six months before the dramatic Chinese slowdown, should we not believe it has the power to predict the upside?
3. The Chinese have begun to order iron ore; they haven't been in that market for a long time. That could be the tell for more minerals, and why copper might have bottomed.
I think China, more than anything the Senate or the House is discussing, is moving this market.