The market stumbled out the gate, and for a split second, it looked like the mavens were going to jawbone it lower.  Then we got more signs that maybe it’s too early to write off a v-shaped economic recovery.

Pending Home Sales (signed contracts) enjoyed the single greatest monthly rebound this month, leaping 44.3%.  Sales blew away consensus and might have been better if there was more inventory.

May Pending Home Sales Regional Breakdown

The month of May saw each of the four regional indices rise on a month-over-month basis, after all were down in April 2020.

• Northeast 61.5% from 44.4%
• Midwest 98.8% from 37.2%
• South 125.5% from 43.3%
• West 89.2% from 56.2%

All 11 S&P 500 sectors are in the green lead by housing and the Industrial and Material sector.   Boeing (BA) is also lifting the market, as it trades up 9.55% on reports that the 737 Max, which has been grounded for 15 months, may begin test flights as soon as Monday.