February housing starts and building permits due next

Housing was one of the better trades of 2017. US house prices rose more than most expected and housing-related stocks had a great year.

This year the enthusiasm has cooled, in part because of higher rates and expectations for another 3-4 hikes this year.

Housing starts aren't the best early-warning signal for housing but the market might be a tad sensitive to it today. The consensus is for a 1290K reading compared to 1326K in January. Permits are more forward looking and are focurecast at 1320K compared to 1396K in January.

There are a handful more indicators due up later. Check the economic calendar for more.