Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
| Lumber inflated another +1.9% last week to +53.0% in the last month and remains Bullish TRADE and TREND No, you won’t hear all of the pundits who missed being long of Commodities and INFLATION #accelerating for 17 months highlight Lumber’s recent reflation or the 11-month highs in US Mortgage Demand. Instead, you’ll hear them “be right” like broken clocks on The Cycle coming their way on deflation as Commodities, broadly disinflate from Cycle Highs. That’s what puts the US economy in either Narrow #Quad1 or #Quad4 in Q1, regardless. |
