Housing Starts reported yesterday (549k annual) and it is hard to take solace from any of these numbers. Although retail and consumer stocks rallied with the rest of the market, Southridge believes the consumer is still in trouble. The next employment #’s will be key to the markets.

US New Privately Owned Housing Units Started by Structure Total SAAR (since 1959/last report 7/20)

US New One Family Houses Sold Annual Total SAAR
(Last month lowest reading on record/next report 7/26)

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