The disconnect continues This morning:
-S&P up 0.3%
- Lumber futures up 2%
- Canfor reports: beats / hits the high estimate earns $3.47 (thats almost half their market cap on an annualized basis)
- Q2 going to be even better
result: lumber stocks down. Go figure. Shaking the tree to get the last few shares before takeoffer?
Will see how things play out on Canfors conference call tomarrow morning.
The macro outlook couldn't be more bullish:
from yesterday's WSJ:
"Mortgage-finance company Freddie Mac recently estimated that the US housing market is 3.8 million single-family homes short of what is needed to meet the country's demand."
Home-price growth accelerated to a new 15 year high in Feb .
- Case-Shiller National Home Price Index - rose 12% in year-ended Feb.