Board To Death

A year ago, if you were asked to pick the commodity that would thrive during the recovery, you might have picked crude oil or gold. Not so. It turns out that the absolutely monster gains were from…wood.

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Here is a line chart of the more recent history. Let’s just say this isn’t a great time to be adding a second story to your house.

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Even if lumber ever sells off hard, I think there’s an impenetrable new support level where I’ve drawn the horizontal.

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