You probably remember a couple of years ago the funny memes that came out regarding how expensive lumber was. Well, not so much anymore. The /LB futures are falling hard (as I suspect, ultimately, high-flying crazy stuff like wheat will, and crude oil, for that matter).
I messed around with layered charts to see if there was any kind of “lead” with respect to lumber and homebuilders, but the truth is that they follow pretty much in lockstep. I didn’t have to do any time shift at all.
As a pure chart, by the way, I’d say the likes of ITB (homebuilding) have plenty further to go down.
