Recession Watch: Deep-Discount RVs, Worst-Ever Stock Market Breadth, Frozen Housing

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Let’s start with the concept of “big toys.” These are things like boats, jet skis, and RVs that people (okay, guys) tend to buy after they’ve had a few good years and conclude that job security and rising pay are now guaranteed for life.

Because this hubris peaks near the end of expansions, spiking demand for big toys signals that the economy’s clock is…