The Disconnect Between Stocks and Lumber Prices Continues

We've touched on this point here and here, so we'll keep it brief. Lumber is making a new low today and continues to diverge from stocks. Lumber made a large divergence from stocks in 2011 and 2013. The 2011 instance led to stocks catching down to lumber, while the 2013 instance led to lumber catching up to stocks after only a very brief corrective phase in stocks.