We begin the week with two massive misses on key economic data.

Check out this headline from the New York Federal Reserve on manufacturing in July.

Check out this headline from the National Association of Homebuilders.

This morning the NAHB Survey was so awful, their chief economist says we have entered a housing recession.   Traffic of potential buyers plunged to the lowest level since April 2014, save for two months at the start of the pandemic.

All eyes are fixed on retailers reporting this week including two behemoths.  Lately, it’s been smarter to be out of these stocks than long.

HD is up 230% since 2015 but was up 340% at one time.

For the broad market, the bias remains to the upside and the big boys are getting squeezed – take a picture, this doesn’t happen all the time. However, when it does, it can have a life of its own even with the inflation/recession debate raging.