Home Price Index Shows Small Improvement

The market is roughly flat in early trading after a very nice rally yesterday. The CaseShiller Home Price Index rose for the third straight month in July, rising to 144.2 from 141.9. The 20-city composite still fell -13.3%, but that was less than the -14.2% consensus.

Weighing on sentiment this morning was the Consumer Confidence Index for September which came in at 53.1, which is below the 57.0 expectations.

Asian markets were higher overnight, following the U.S. markets yesterday and also a report that the IMF will revise its 2010 global economic forecast higher, with output expected to now grow +3.0%, up from its previous forecast of +2.5%.

The dollar is higher today, which is weighing on commodity prices. Oil is down near $66.60, while gold is also lower around $991. The 10-year yield is roughly flat near 3.30%; and the VIX is up a bit to 25.14.

Consumer staples, healthcare, and homebuilders are leading so far; energy and real estate shares are the weakest.