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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye U.S. Macro analyst Christian Drake. Click here to learn more.

"... I’m going to give you a TTM slope and you tell me what macro series it belongs to:

  1. Slope = 0.00
  2. Slope = -0.00
  3. Slope = 0.02
  4. Last 4 Months Change: +0.0, +0.0, +0.0, +0.0



  1. Housing Starts
  2. Pending Home Sales
  3. New Home Sales
  4. Builder Confidence" 

CHART OF THE DAY: Housing Starts & The May-laise - 5.18.16 Starts total zero Slope