WALL STREET >>> DJIA Adds Triple Digits But Down Almost 2% May 2011

Bulls Record 4th Straight Wins;
Greek Bailout Trumps Weak Data
Investors returned from the long weekend refreshed and ready to buy today, with hopes for a second Greek bailout whetting the bulls' appetite right out of the gate. However, a batch of uninspiring economic reports let some of the wind out of the Street's sails around midday. Specifically, the Chicago purchasing managers index (PMI) fell to a late-2009 low, the latest S&P/Case-Shiller home price index highlighted a double-dip on the housing front, and the Conference Board unveiled a surprise drop in consumer confidence. Nevertheless, traders refused to surrender their rose-colored glasses, with stocks powering back into intraday-high territory in the final hour of trading. Against this backdrop, all three major market indexes added more than 1% by the bell, kicking off an historically positive holiday-shortened week on a promising note.

The Dow Jones Industrial Average (DJIA – 12,569.79) ended within 5 points of a session high, tacking on 128.2 points, or 1%, to extend its winning streak to four straight trading days. Only McDonald's (MCD) bucked the trend higher, shedding almost 0.1%, while Pfizer (PFE) paced the bullish majority, tacking on 2.5% after settling a suit with Teva Pharmaceuticals (TEVA). Thanks to today's triple-digit surplus, the DJIA ended atop both its 10-day and 20-day moving averages for just the second time since May 4, and whittled its monthly deficit to 1.9%.

The S&P 500 Index (SPX – 1,345.20) benefited from an eleventh-hour buying spree, adding 14.1 points, or almost 1.1%, to end at a session high. Similar to the Dow, the SPX conquered its 10-day and 20-day trendlines for just the second time since May 3. Meanwhile, the Nasdaq Composite (COMP – 2,835.30) also settled near an intraday acme, advancing 38.4 points, or 1.4%, by the close. Plus, the COMP ended atop its own 10-day and 20-day moving averages for the first time since May 12, and finished north of 2,800 for the first time since May 20. For the month, the SPX gave up roughly 1.4%, while the COMP trimmed its deficit to 1.3%.

Crude Flirts With $103 As Greenback Slips Vs Euro
Crude futures settled at a three-week peak today, as the greenback lost ground amid easing concerns about Greek debt. In addition, a 40-barrel spill at a Kansas pump station forced a temporary outage of a key oil pipeline, which also translated into a boon for black gold. By the close, July-dated crude oil futures added $2.11, or 2.1%, to end at $102.70 per barrel. For the month, the front-month contract shed 9.9%, snapping its eight-month winning streak.

HAPPY TRADING & GOODLUCK2AL