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J.P. Morgan reported lower earnings this morning, but the picture wasn't as bad as analysts expected, so JPM traded higher and led the market higher. Analysts have been predicting lower earnings for the first quarter for the past several weeks, and JPM seemed to deliver on that prediction. But the bulls are determined to see the glass half full, so bad news became good news.

SPX gained $21 to close at $2081. RUT also traded higher, with a close at $1130, up $24. The VIX dropped a full point to 13.9%. Trading volume was up slightly with 2.5 billion shares of the S&P 500 stocks trading today, but remains below the 50 dma at 2.6B.

The Producer Price Index (PPI) reported a slight decline (-0.1%) for March, close to last month's -0.2%. Retail sales declined 0.3% in March. One of the mysteries of lower gas prices has been how little of that bonus has shown up in retail sales. Perhaps consumers are saving money for a rainy day?

Earnings reports for the banks continue tomorrow with several notable names including Bank of America and Wells Fargo. CitiGroup follows on Friday. Will the market continue to shrug off declining earnings and mediocre economic data? Maybe this is the bull market "climbing the wall of worry?"