If this market doesn’t terrify you then you don’t understand what’s going on
— Rick Bomstein (@BomsteinRick) July 21, 2022
ECRI's U.S. Weekly Leading Index growth drops further. pic.twitter.com/teWB0NVfqt
— Lakshman Achuthan (@businesscycle) July 22, 2022
Chart below helps explain why home builders are dialing it back quickly. Unsold new home months of supply are now at a record high for under construction (orange line), and homes not started (green line). Expecting unsold completed homes (purple line) to start rising fast. pic.twitter.com/T3c3NNYvYG
— Rick Palacios Jr. (@RickPalaciosJr) July 22, 2022
Darkpool index did not improve despite todays rally.
Retail going all in again. pic.twitter.com/dQod1U0RLD
— HOZ (@MFHoz) July 21, 2022
Yikes. The new S&P flash PMI numbers are not great, Bob. pic.twitter.com/JhcXkmwILM
— Neil Irwin (@Neil_Irwin) July 22, 2022
The economy is so strong, that the 30yr and 2yr treasury yields have now inverted pic.twitter.com/GoYHMQGC4Z
— TheHappyHawaiian (@ThHappyHawaiian) July 22, 2022
One sobering thought that still remains: Despite the decline this year, stocks ARE NOT cheap.
Shiller P/E still high at 28.9.
(FWIW: I NEVER trust P/E’s based on “forward earnings” – they’re great, right up until the point earnings get “revised” lower, and then “Oops”) pic.twitter.com/6Cj3esluTt— Jay Kaeppel (@jaykaeppel) July 22, 2022
#recession … #Fed Pushing on a String edition t.co/nwUgpDORMC pic.twitter.com/7SdC733Xea
— Invariant Perspective (@InvariantPersp1) July 22, 2022
We watch truck and intermodal rail volumes out of Los Angeles as a leading indicator for intermediate domestic freight demand. Truckload volumes out of LA have now dropped below 2019. Suggests further deterioration coming to surface freight markets. pic.twitter.com/QnMlaTOoG5
— Craig Fuller 🛩🚛🇺🇦 (@FreightAlley) July 22, 2022