Warning: Hazardous Data

(1) KDDD: Known Data Deficiency Disorder. (2) Definition of “good” data. (3) Lots of good economic data suggesting economy bottomed in April. (4) Economic Surprise Index goes from record low to record high in the past few weeks. (5) Mortgage applications and pending home sales show strong housing recovery. (6) Industry analysts have stopped cutting their earnings estimates for 2020 and 2021. (7) S&P 500 forward earnings up for the past six consecutive weeks. (8) Gasoline usage rebounding as Americans drive more to work and to shop. (9) But are they also driving more because they don’t want to take mass transit and can’t travel overseas? (10) Hard to count the unemployed. (11) Lots of issues with pandemic data.