Crude oil is rebounding today on the latest speculation that there will be an agreement to cap production.  Venezuelan President Nicholas Maduro commented that a deal to freeze is coming, along with the shortages from Libya as well as on the East coast of the U.S. due to the Colonial pipeline disruption, is leading crude and WTI higher.  Of course, this yo-yo action is typical of late.  And comments from OPEC Secretary General Mohammed Barkindo seem to indicate that there is no deal on the table.  So there will probably be quite a bit more volatility until OPEC meets again in Algiers, Algeria on September 26 through 28. 

This morning we got the latest read on housing. The National Association of Home Builders/Wells Fargo builder sentiment index jumped 6 points from 59 to 65 in September, beating the survey estimate of 60. Readings above 50 indicate more builders view sales conditions as good. The index has been mostly at 58 since rising to 61 in January. The last time it reached 65 was October last year, which was the highest since the peak of the housing boom. The rise was caused mainly by buyers looking to buy new homes, as existing home sales on the market are diminishing due to lack of inventory. Positive job numbers and low interest rates are also helping buyers feel more confident. Residential Construction stocks rose .52% on the news of strong Home builder’s confidence.

Gold & silver are all up as the greenback declined on the NAHB HMI data. 

All the major indices are trading in the green in lockstep with energy. However, healthcare underperforming, and the decline in Apple, along with oil giving up some of its earlier gains, is taking the major indices off the highs of the day. Advancers are leading declines on the NYSE 2421/516 and on the Nasdaq 1966/774.  Energy, Financials, Industrials and Materials are strong while telecom services is weak.