Housing, dollar and oil on stocks' radar

By Cal Mankowski

NEW YORK (Reuters) - New data on a depressed housing sector figures large in a fairly heavy schedule of economic reports due next week while the dollar and oil approach threshold levels that could prove unsettling.

"Investors are anxious to see any kind of bullish news because we sure haven't seen much lately," said Fred Dickson, market strategist and director of retail research at D.A. Davidson & Co. in Lake Oswego, Oregon.

Key concerns include whether the dollar falls through $1.50 against the euro and sets a new low, and whether oil hits $100 per barrel or higher, Dickson said. On Friday, U.S. crude oil for January delivery CLF8 settled at a record $98.18 a barrel, up almost 1 percent on the New York Mercantile Exchange.

Credit card groups will have reports on spending at the start of the Christmas shopping season for an early tip-off as to how the consumer is bearing up, Dickson noted.

Ed Maraccini, portfolio manager with Johnson Asset Management in Racine, Wisconsin, said he will be watching data on sales of existing homes and new homes due on Wednesday and Thursday, respectively, as well as the September S&P/Case-Shiller Home Price Indices due on Tuesday.

THREAT TO CONSUMER PSYCHE

Maraccini expects to see more evidence of falling home prices.

"I'm worried that it's going to affect the psyche of the consumer," Maraccini said. "Housing feeds into net worth, net worth feeds into consumer spending and spending drives the economy. There is a high correlation between the three."