This Is Not a Recovery

Looking at the latest housing starts data…this is not a recovery. This is a patient who was shocked back to life by QE but is slowly slipping into a coma.

The rest of the data is just as depressing, including the rate of SF price growth which is pretty clearly rolling over.The algos have ignored the data, preferring instead to focus on VIX’s retreat back below its SMA200 in the after-hours……and AAPL’s rise back above its.

ES is angling for a 10-DMA backtest — an important line in the sand.Thank goodness consumers are still confident.  Oh, wait…continued for members…


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