April 13, 2016 noon eastern

Markets are strong this morning with the S&P 500 and Toronto each up 0.8%.

Oil is holding at just above $42 although it was down somewhat earlier today.

Toll Brothers is up 3.6%

The reason for higher U.S. markets today probably includes that J.P. Morgan had earnings that were higher than analyst expectations (so-called they beat expectations, but I prefer to say the analysts under-estimated reality). J.P. Morgan also failed to get its “living will” approved by the FED but markets did not seem disturbed by that as it has time to rectify the situation. Wells Fargo also had its “living will” (basically how it would wind down if it did happen to fail) rejected. Again, the market seems unconcerned since the living will can be changed and re-submitted.