After suffering a bit of diffidence after the October housing starts number came in much worse than expected, the risk hungry alpha-hunters and the safe-haven seekers are fighting it out for control of the direction of financial markets today.

On a slightly technical point, it would be wise to be somewhat cautious when considering the housing starts figure. For one thing, uncertainty over whether the Feds' tax credit for homebuyers would be extended -- it ultimately was reupped and expanded -- cast a pall of uncertainty over...