The market overall was down today ahead of the Fed meeting tomorrow. Investors are concerned about a reduction in the level of Federal Reserve bond buying and a new Chairman taking office.

Overall, regulators state concerns that an asset and leverage bubble is being created by cheap credit. This may be true, but, if the Fed reduces bond buying then interest rates will rise harming the real estate recovery.

Airlines are the "canaries in the coal mine" when it comes to economic downturns. I do not think we have run this bull market in real estate out yet, but I think it is close. If I were the Fed I'd take some off the table in March.

Longer term, Mexico has announced that it will allow foreign investment and ownership of oil producing assets. This inclusion of American expertise and investment is likely to double production ... which is like having another Nigeria next door. We will have low fuel prices and the Fed's action lowers them even more.