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Editor's Note: The chart and blurb below are from today's Early Look which was written by resident Hedgeye macro guru and housing analyst Christian Drake. For more info on how you can supercharge your investing prowess click here.

  • Wednesday:  Pending Home Sales for  June – which is the lead indicator for Existing Sales (90% of the housing market) - should be strong from a rate-of-change perspective given the recent trend and easy comp.  Consensus is expecting +11% year-over-year growth and another new post-crisis high in activity.  We’d view that expectation as ballpark correct. 

CHART OF THE DAY: Pending Homes Sales (Courtesy of Dr. Drake) - Z PHS Comps CoD