Housing Soft

Futures are off there highs, Home Depot reported a good number,  American Express fires 4000 people and Housing starts and building permits dove to record lows. Housing starts for April were down 12.8% vs.8.5% in March, although building permits declined less in April.

State Street did a 53 million share secondary priced at $39 as they also plan to pay back TARP. The stock is bid around $42.70 in pre -market.

The Wall St. Journal reports that small and midsized banks could see losses of over $100 billion from commercial real estate exposure by end 2010 if the economy worsens.

The financials are strong again led by GS, MS and BAC. Energy and materials are also strong so far.

It has become such a headline market and the trading has just been phenomenal if your in the right sector both long and short. Be careful and take profits as we can be one headline away from a pullback. So far this morning the market is holding its gains.

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