Wednesday, May 16, 2007

Housing Starts and Other Matters

Housing Starts managed to rose to a greater than expected annual rate of 1.528 mln in April, but building permits... shabby: Building permits fall to a 10 year low.

Stock futures are barely higher approaching the open as stock investments by various billionaires are lifting specific big names like the railroads and Citigroup (C), while weak results and/or guidance from Home Depot (HD) and Applied Materials (AMAT) will be a drag on the market.

OEX open interest looks positive for the bulls IF OEX can remain above 690 going into Friday expiration.

Fresh M&A... Bausch & Lomb in $3.67 bln deal with Warburg Pincus.

As the stock market has climbed - E*Trade daily client trades up 8.8 percent.

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