Stock Market: Slow Housing, Big Drop In Oil

Futures versus fair value are signaling a lackluster start for stocks. Given the market's pre-occupation with the current housing slowdown and its impact on consumer spending and Fed policy, Housing Starts and Building Permits data at 8:30 ET are apt to set a more definitive tone for this morning's trading. The hesitation on the part of buyers is also being driven by a burgeoning sense that the market is overbought on a short-term basis, especially after five consecutive winning sessions that lifted the Dow to three straight record closes.