While Crude Oil and Dr. Copper are often cited as economic indicators, as we noted previously, [7] in fact Lumber prices are the most correlated with ISM and GDP of all industrial commodities (h/t @Not_Jim_Cramer). That is a problem. Lumber prices are tumbling - breaking to 18-month lows today. We have seen this picture before, and it did not end well...
Deja vu...
[8]
But it's different this time... becausae fundamentals mean absolutely sweet F.A. ... until of course they do.
* * *
Awkwardly, earnings are also flashing a big red "recession" warning...
[9]
Chart: Bloomberg
