Are the elephants coming home to roost?

Roosting elephants? Almost as mental as thinking the market might go down, right?

That's what I had mentioned on Friday in this piece.

Just a quick update to the numbers on this one...

Today's Initial Jobless Claims came in at +261k.

Ignore the May print.

There was a revision there which means today's print is the highest in 19 months!

Yikes.

Now what's also pretty shitty looking is how commercial real estate loan origination has been stagnant for a while now, and commercial and industrial

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💵 Can Europe... Change?