big red flags on housing, owens cornings, their ceo is here. bob, who says buy home builders is envogue, is also here. see what his new call is. plus, we will party like it's y2k. minutes of the january 29, january 30 minutes are out indeed and review says they are pretty positive, folks. here you go. fomc. though it notes at the top that weather did play a part in a slow down, it says that was weather related and the rest of the minutes appear to be fairly optimistic. private domestic grew at a quote solid rate. noting that spending on equipment and software quote rows briskly in the fourth quarter and conditions improved between december and january meetings. positive there. they note that household income rose considerably though it says that it is likely do to tax-related incoming sell racing. all of the dividends we talked about paid before tax rates went up. federal government didn't spend as much as previous quarter but in fact the fed notes that and says it is likely due it a drop in defense spending. gdp numbers confirmed it. fed agree

owens corning -- you get the picture. we did have a hideous day. some sections did worry me. i am actually concerned about copper. it has been acting lame. china may indeed be slowing, i don't like to see the oil index plummet. the speculation. i don't like washington back on the front page. they come along at the right moment to put the cabarb on any rally. jellystone national park, yogi. i am concerned about the payroll tax holiday going away. i am worried about higher taxes, autosales could be slowing. did anyone think -- did anyone think we would maintain the streak longer than the ah mazing hittering streak of joe dimaggio. no-hitters endlessly. the late, great marty sly said, we got the chance to watch him, don't fight the tape and don't fight the fed. if the economy is going to slow down because of the fed, don't filt that as a gardener, even if i am a savage fighting machine gardener, i like the concept of rain. i like to believe you can have a garden variety squall. i just think they we were due, over due. maybe for a bit of rain or a thunderstorm. for those of you w

owens corning also a little disappointing. guidance very weak.ex is on the weak side. what do we see in housing starts numbers today? here's the key point here. multi-family down 24%. single family was up. so in theory, this should not be that much of an effect on the home builders but i think the headline number kind of spooked people. building permits had a pretty good month, up overall. finally, just want to point out a couple other things. we charted the housing starts. remember, we were at two million housing starts way back in 2005, and the bottom line is it's upward but it's a long, long way. we are trying to get to one million. that's still less than half where it was seven years ago. it's a long move back. >> you made this point again and again. that's important. we're still healing but at this rate, it's going to take a long, long time even to get back to 1.1, 1.2, 1.3 million, some of the more longer term averages we've had. >>> rick santelli is in chicago for us today. hey, rick. >> my guest today, art nolan. we used to work together

owens corning.appointment today in the retail group where we did have negative comments from abercrombie. >> let's get analysis. thank you, bob. lets the beauty of wisdom and experience is that you are able to wait things and ne which is the most important of those signs, of the three. which is the most important? >> i would lean toward bullard because he backed up what william said the day before, which it started a bit of an afternoon rally. i would add to one other thing i think that we are seeing some signs that the weekend anxiety is not that heavy. we have the italian election coming up. a variety of other things. and a sign that i look at is the u.s. dollar. it was higher this morning on some anxiety. a little bit of flight to safety in treasuries. that's telling me the market is giving me a sign that they are not too kreconcerned about the weekend and that why we have a good rally. >> once again, i think the sign is confusion. you had fisher come out and reiterate that fed policy may not be

freeport and owens corning. these are great things and gives you broad exposure to the housing recovery that we'll continue to see and also the, the great story in asia, ex-japan with continued urbanization. i think it is a great time to continue to get into those stocks however i would wait and get my shopping basket out waiting for a pullback. david: larry, i want to challenge you on one of those, freeport-mcmoran. you have silver and gold. a lot of people say gold will go down much further than what it is now. you have both goldman sachs and eric bolling say it will go down to 1200, 1200 an ounce. don't you want to wait until you go down further before you get in there. >> i love eric bolling and basically others is basically old story. the gold is trading well above its cost structure. it needs to go to $1200 an ounce but there's another story. we're in the middle of a experiment with monetary policy we never every seen throughout the whole world. there is race to the bottom. i can't imagine that gold won't

yet owens corning playing like that colby, where's the beef?was hideous, and some sectors do worry me. the mining sector was atrocious. talking to stephanie link. action alerts plus code director, she's saying, wow, did you look at that? i saw freeport down big. the stocks i told you to be ware about last night, i am concerned about copper. it's been acting a little lame and that means china, indeed, may be slowing. i don't like to see the oil service index plummet, if we could break the 33-day streak, that wouldn't be all that terrible. i don't like washington backen o the front page. they're a short sellers delight. they come on the right moment to put the kaibosh on a rally. and i am concerned about the payroll tax holiday going away. i'm worried about still higher tax, i think auto sales could be slowing. the dollar was as strong as it's been in months. those are all bad, all right? let's step back for a second. did anyone really think the rally could keep going up week after week after week? did anyone think we could maintain the streak an

owens corning was a little disappointing.e than 50% of what they had in the last couple of days. not getting much in the way of retailers. teen retailers had a tough time. abercrombie had cautious comments. this group has been a little bit moving sideways for a while now, even some of the big names here, the department stores like macy's and nordstrom have been underperforming the overall market. it's a mixed week on the stock market overall, talking about the global stock market here. down fractionally right now. japan's had a big week. germany held up. but the rest of the world has had a tough time of it. brazil, commodity-rich company, has been down. hong kong is down. china's had the worst week in a long time, more than a year, as the chinese try to find some way to deal with the overall inflation there by slowing down the property market. anytime you try to slow anything down in china, global markets get a little nervous. that was the main source of the problems with the stock market. >> looking what shanghai did overnig