CPI & Housing Starts

Good morning. Futures were higher earlier this morning as the weaker dollar helped sentiment, but a few disappointing reports on the economy have tempered expectations. Namely, the CPI rose higher than expected, Housing Starts fell -10.6% in October, and a decrease in mortgage applications.

In other news, the US urges China to strengthen renminbi, Obama says too much debt could fuel double-dip recession, Fed officials differ on recovery's pace, a steady increase in hedge fund assets, Wall Street is on track for record profits, Goldman Sachs is teaming up with Warren Buffett to set up a program to aid small business, financial reform is pushed back into mid-December and the health care bill looks dead.

Read more of my premarket report.