Markets like earnings from Lowe's

Dow is up 161, advancers over decliners 4-1 & NAZ was up 25. Banks are having another good day. If the index is serious about taking off, it will have to top the 176 high from last week.

S&P 500 FINANCIALS INDEX

Value 161.14

Change 6.54

% Change 4.2%

MLPs, REITs & junk bond funds are having a nice day while the VIX, volatility index, dropped to 31¼, a 2009 low.


Alerian MLP Index --- 1 month





Dow Jones REIT Index --- 1 month




VIX ---- YTD




Oil is being carried higher by stock market gains.

CLM09.NYM

...Crude Oil Jun 09

...57.91

... 1.57 .......(2.8%)

Lowe's (LOW) reported lower Q1 profits, down 22% from last year, but that still topped analyst expectations. The stock rose 1.23 on the news & a better-than-expected Q2 outlook & an increased outlook for 2009. CEO, Robert Niblock, said, "It was a solid performance." They continued to stay away from bigger-ticket housing items. Lowe's said, "In recent weeks we have seen consumer confidence improve, housing turnover show signs of a bottom in certain markets, and home prices slow their decline."

Lowe’s Tops Analysts’ Estimates on Outdoor Products


Asian market started very weak last night on news that Panasonic was joining Sony reporting a big (2nd straight) loss. The Japanese market fell 2½% overnight, but Lowe's earnings along with an absence on ugly news is bringing out buyers in the US.


Dow Jones Industrials --- 1 month