MIDDAY LUNCH

Dow 9998.45  -42.00, Nasdaq 2119.47  -4.29, S&P 1046.49  -5.38 

The markets are all in the red but trading off the session lows. It is important to note that the Dow is currently trading below the physiologically important 10,000 level.

Today’s losses came again be blamed on more poor economic data.  Both Durable Orders and New Home sales missed economist estimates.

Durable Orders came in at +0.3% versus the +3.0% gain that economists were looking for, while New Home Sales came in at 276,000 missing estimates of 334,000.

It is interesting to note that shares of home builders are higher today even after terrible new and existing home sales reports.  Toll Brothers (TOL) 16.99 +0.80, +4.94% KB Home (KBH) 10.30 +0.26, +2.59%, Pulte (PHM) 7.98 +0.14, +1.79%.  Some are suggesting that there could be consolidation within the industry.