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Housing Re-Bubble Set to Re-Pop?

It's a swing and a miss for Caterpillar, the construction giant; TD has the details:

•Q1 EPS $1.31, Exp $1.38; this includes a tax benefit of $87 million

•Q1 revenue: $13.2 billion, Exp. $13.8 billion

•Guides much lower, with revenue now seen at $57-61 billion, compared to $60-68 billion previously

•CAT forecasts profit per share of $7.00, compared to $7.00-9.00 previously.

•Operating cash flow of $900MM, but all of it generated from net working capital, i.e., inventory liquidation

•And when you can't spend on capex, you spend on buybacks: CAT to extend buyback through 2015

Ben Bernanke might have to turn up the presses from Plaid all the way to Ludicrous Speed.

UPDATE: "Sales of previously owned U.S. homes unexpectedly dropped in March, showing uneven progress in the industry."

Keep blowing into that torn balloon, Uncle Ben.