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Editor's Note: The chart and blurb below are from today's Morning Newsletter written by Hedgeye Macro and Housing Analyst Christian Drake. Click here for more information and to subscribe. 

CHART OF THE DAY: Existing Home Sales vs Pending Home Sales - EHS vs PHS

"...As can be seen in the Chart of the Day, the recent tendency has been for EHS to re-converge with PHS.  Given the prevailing pattern, unless PHS in April (released 5/28, next Thursday) are very soft and/or March sees a significant negative revision, the path of least resistance is for upside in Existing Sales over the next couple months.  Further, the trend in the high frequency mortgage purchase application data, which is currently running +14% QoQ and +13.3% YoY, argues in favor of that expectation more so than not..."