Excited About The Economy? Got Wood?

It takes three to make a trend. Here are four.
First up, StockCharts looks at the iShares Global Timber & Forestry ETF, June 10:

WOOD - One of the Best Lead Indicators

Then CNBC June 16:

Pressure treated lumber is virtually non existent in many markets, due to demand far outstripping supply capabilities (these plants run 24/7, and don't really "ramp up").

It's real.
Add in lowest-ever mortgage rates (30yr under 3%??!!) and it's a great time to be a builder.

— Magic Matt (@DaFiendR) June 17, 2020

 

Then PoAndPo Agrifish yesterday:

Canadian forestry sector takes more hits as mills close in Ontario and B.C.

And the price action confirming the signal, breaking above the recent triple-top resistance:

Note: not saying buy lumber, especially not immediately after a four day, 14% move, but rather looking at all this as a macro signal on the economy.
Addendum—Or a misreading of supply imbalance as same.