When Ben Speaks...

Stocks continue to trade higher, despite cautious comments.

"The American consumer is not going to be the source of a global boom by any means." That was Fed Chairman Ben Bernanke, responding to a question during his testimony in the Senate this morning.

He went on to say that they have communicated to countries that they need to substitute their own internal growth and not rely on the American consumer.

This is one of several cautionary statements that have been made this morning. Elsewhere, Richard Anderson, the Delta Air Lines CEO, reported earnings a tad better than expected but said that the airline industry was facing its "Toughest Environment Since Deregulation" and that "We Do Not See Any Meaningful Recovery In 2009."

US Air and Jet Blue will be reporting tomorrow.

Home builders build momentum. As strong as the broad market has been in the past two weeks, home builders have outperformed. Builders are up another 3 percent today; this morning some modestly positive home price index numbers came out from the federal government.

But the real catalyst was home builder NVR, which sells primarily to first time and move-up buyers. They reported much better than expected earnings ($6.79 vs. First Call estimates of $4.11) on higher gross margins and lower costs. Orders were UP 2 percent year over year--most had been expecting orders to decline.

NVR up 6 percent, other home builders also strong; home building index at highest level in six weeks.

Existing home sales tomorrow.



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