Housing starts rose from May to June, but as Barry Ritholtz notes, "The year-over-year data is much clearer: New Starts down 46%, Permits down 52%." (The graph to the right illustrates this pretty well)In either case, the housing data was better than expected, which drove oil up, bonds down (and thus their yields rose), and increased the spread between the 2 and 10 year notes.
The dollar rose today, but both the dollar and Yen have fallen more this week than they have since May, indicating an increase appetite for risk.
Still, the number that worries me is the fact that June video game sales are at a 9 year low.
When gaming geeks are cutting back, everyone is cutting back.
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