While Crude and Copper get all the glory, the fact is, as we have detailed previously, [5] Lumber prices are the most correlated with economic activity (ISM and GDP) of all industrial commodities. That is quickly becoming a major problem for the "Q1 was weather and now we get the epic bounceback" narrative writers.
Now where have seen this before?
[6]
Or this...
[7]
And for good measure, builder remain oblivious to their key raw material's diminished demand (or mal-invested supply)...
[8]
It's just a matter of time, as we detailed previously. [9]
But consensus sell-side economist dreams remain oblivious...
[10]
But perhaps it's time to start paying attention to Lumber and The Atlanta Fed model...
[11]
Charts: @Not_Jim_Cramer
