The retail metric that I (as well as everyone else, for that matter) always look at, same-store sales, did not do well in Q1. Lowe's said that comps declined 6.6%. That's too close to the mark of the beast for my comfort!

I can see all the market excitement, however. Besides panicking short sellers, I'm sure there's a bunch of new buying going on as investors do not want to miss getting in on the current bullish sentiment. I've been looking for a substantial correction before the summer begins, but so far it's been elusive.

Wall Street wants to believe that the bad numbers are almost behind us. Companies like Lowe's and Home Depot (NYSE: HD) should theoretically be bought on the assumption that everything is priced in; at least, that's what all this buying seems to suggest.

Not only was the earnings beat a source of euphoria, but I believe the improvement in gross margin also grabbed the attention of institutions. The expansion in that statistic was good, I have to admit.

Taking everything in total, I can get behind the idea that Lowe's needs to be looked at and strongly considered. However, it shouldn't be considered today. The stock is too high this afternoon. And I must highlight again the poor same-store sales. I'd really be more comfortable buying the stock when those take a decisive turn to the upside.

Disclosure: I don't own any company mentioned; positions can change without notice.