Noon Drop

The ingredients were in place for a boost to the markets, then along came housing data that caused everyone to doubt the strength of the recovery. Exactly how many times can that line be thrown around. Its almost meaningless at this point. The economy is what it is. Its spotty with huge holes.

Still some energy equities are doing well as oil is up.

Reuters: Stocks hurt by home construction data, techs

The government said housing starts declined to their lowest level in six months, weighed down by a sharp fall in construction activity for both single-family and multi-family dwellings.