More on Housing

AP article: Housing Construction Posts Unexpected Rebound in October, Indicating Apartment Surge
furthermore, "The rebound in overall construction came as a surprise to analysts who had forecast a drop of 1.3 percent. However, the 6.6 percent slide in permit applications was more severe than the 4.8 percent fall expected by Wall Street."

"Troubles in housing are expected to seriously depress overall economic growth in the current quarter and early next year with some analysts growing more concerned about an outright recession."

"...Fed officials have signaled that they are not likely to cut interest rates further unless the economic weakness deepens significantly because of worries that a surge in oil prices will make inflation worse."

The markets as a whole have opened higher. DOW (13050) NASDAQ (2621) S&P (1445) I don't share the same enthusiasm.

Observation:
DOW August 16th: Close 12846, High 12997, Low 12517
NASDAQ August 16th: Close 2451, High 2461, Low 2387
S&P August 16th: Close 1411, High 1416, Low 1371