The homebuilder confidence index dropped to 46, the lowest level since May and much lower than January's reading of 56. Keith Bliss of Cuttone & Co. isn't so sure that the weather is to blame for the reduced confidence. He will be watching the housing starts and building permit reports, which come out on Wednesday. He believes this report and the leading indicators report will give a good indication as to how the economy is faring for the first part of the year.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

If you liked this article you might like

Lowe's Predictable Plateaus

This Is How to Avoid Becoming Amazon Roadkill

These Stocks Pay You to Own Them

Cramer: Dominoes Are in Play Today

Look Back to Go Forward