Wednesday -- Housing Starts & Levered Homeowners

S&P E-mini Futures:
Slow build higher from shaky overnight.

News:
Housing news today. With housing starts 9% lower than in August and 11.9% lower than a year ago, Marketwatch ran an interesting story:

At the low end, homeowners are even more leveraged than they were 

during the bubble

Today's figure marked the slowest pace of starts since March 2015.

Starts were slightly offset by a surge in building permits, which reported a 6.3% monthly gain, and single-family housing starts jumped 8.1%, the highest in seven months.

However, starts for buildings with five or more units plunged 39%.

So once again people seem to have levered up just to live in a home that they rent from a bank.

FX:
Another possible Risk Off warning from JPY and CHF strength.

Treasuries:
Prices got the volume they were looking for yesterday which oddly seems to have spooked buyers thus far this morning.

Energy:
WTI crude ripping higher as NG craters.

Metals:
Still odd action. Gold and silver getting love. Red elsewhere.

S&P Outlook:
2149.19 wasn't even challenged yesterday, so it could be a long slog to fill the 2163.66 gap. Dumped the 214 calls. Can only wait for a better set up.