So far, there isn’t a lot of energy in the market, as the major indices are flat this afternoon, but on pace to close with gains for the third straight week.

The Russell 2000, on the other hand, is on the move, and is benefiting from the action of its energy components and getting closer to its 200-day moving average.

Energy is the leader by a wide margin as oil climbs 3.9% to $75.75.

This morning’s housing data came in mostly above consensus and suggests that the lack of existing homes for sales will continue to boost the new construction market.

• Starts +1.9%m/m; consensus -0.6%
• Permits +1.1%m/m; consensus -1.4%

Have a great weekend.