WALL STREET >>> Embolden Bulls Reclaim Another 1.38%

"Greek debt, shmeek debt"

That was the virtual slogan on the Street today, as the bulls showcased their relatively short memories by shrugging off contagion concerns in the wake of encouraging economic data.

More specifically, the Commerce Department reported that exports soared 3.2% in March, tapping their highest level since October 2008, and pointing to a continual recovery in the manufacturing sector. Against this promising backdrop, the major market indexes extended their upward trajectory throughout the session, with the Dow Jones Industrial Average settling nearly 150 points north of breakeven.

The Dow Jones Industrial Average (DJIA – 10,896.91) finished with a gain of 148.65 points, or 1.38%, to end atop its 10-day moving average for the first time since May 3.

Industrial issue DuPont and tech concern IBM paced the 27 advancing blue chips, while Bank of America, Pfizer, and Walt Disney bucked the trend. In light of today's triple-digit rally, the Dow reclaimed the support of its 10-week moving average, though the index's upward momentum was stifled in the 10,900 neighborhood.

The S&P 500 Index (SPX – 1,171.67) also stair-stepped higher throughout the session, settling 15.9 points, or 1.4%, in the black. However, the broad-market barometer's advance was limited by resistance at its 10-week trendline.

Finally, the Nasdaq Composite (COMP – 2,425.02) once again fared the best of the major indexes, adding 49.7 points, or 2.1%, to finish north of both its 10-day and 10-week moving averages.

Crude futures neared a three-month nadir today, as traders reacted to a record-high glut in oil inventories. Earlier today, the Energy Information Administration (EIA) said domestic crude stockpiles rose by 1.9 million barrels in the week ended May 7, more than doubling analysts' expectations. Now, Cushing, Okla.-based oil inventories stand at a record 37 million barrels, according to the report, sparking supply-and-demand concerns in the commodities pits. By the close, June-dated crude futures surrendered 72 cents, or 0.9%, to settle at $75.65 per barrel.

On the flip side, gold futures extended their run of record highs today, as lingering concerns over European debt continued to boost safe-haven buying. Furthermore, Natalie Dempster, a director of the World Gold Council, opined that "Investors' concerns are not going to dissipate in the medium term," which could lead to additional gains for the malleable metal. After tapping an intraday peak of $1,249.20 an ounce, gold for June delivery finished with a gain of $22.80, or 1.9%, to settle at $1,243.10 an ounce – the loftiest closing price on record.

Attn: Immediate DJIA Resistance 11,000

Remember how long it took the Dow to overcome 11K before the earnings season came by? Play it with a tinge of safety ............

The Dow 10-days chart score is still 6 - 4 in favour of the bears

Over confidence is like greed >>> IT KILLS!