by Dave Kranzler, Inevstment Research Dynamics:
Will the price of lumber be the tell-tale that they can’t hide? Or do you want to believe the “it was the bad weather in New York, man” narrative? Housing starts ripped lower in February, down 17% from January. They were 14.4% lower than consensus estimate. Here’s the data link: Housing Starts.
Let’s think about that for moment: housing starts missed Wall Street’s brain trust consensus estimate by 14.4%. IF the weather was expected to play a factor in housing starts, wouldn’t Wall Street have revised its estimates for February lower to reflect that? After all, every analyst has had nearly 3 weeks since the end of February to revise down their estimates knowing there was some snow in New York during February…
Please follow SGT Report on Twitter & help share the message.