Deflation is casting a larger shadow over the U.S. equity bull market and I believe that the Fed may be forced to defer raising rates if the U.S. Dollar continues its upward trajectory while weaker G-8 members (Japan, China, and Europe) maintain highly accommodative policies.

From a longer-term perspective, the old equities bull is still kicking up plenty of dust. However, the SP-500 is presently experiencing an orderly short-term correction within its bullish channel.

Most of the strength in the housing market is coming from multi-family units (up +28.9%) instead of more traditional single family residences (up +8.3%).

Hillbent’s oscillator indicates an overbought weekly condition for the dollar, but given our bullish investment bias, I would use any price pullback as a buying opportunity, regardless of good, bad or ugly.

My own "back-of the-napkin" analysis to help investors and traders connect the dots and see the bigger picture of a residential real estate capital market theme which is far from over and offers a credible risk-to-reward opportunity.