9:00am (EST) 

The bulls continued this week’s surge as they were able to push the market higher on Thursday with the Dow extending its winning streak to 7-straight sessions.  Economic news came in better-than-expected, once again, which allowed the bulls to clear our fluff targets intraday which held into the close.

Initial Claims came in at 351,000 which were lower than Wall Street’s forecast for 355,000 while Continuing Claims decreased 81,000 from last month and came in at 3.34 million.  Meanwhile, the New York Empire Manufacturing Index climbed to 20.2, up from 19.5 the prior month, while the Philly Fed Index posted a reading of 12.5 in March, up from 10.2 last month.

Trading was choppy until we got the good numbers for the Philly Fed shortly after the open as the market seemed to be waiting on them.  Once confirmed, the bulls had another green light.  

The Dow gained nearly 60 points, or 0.4%, to end at 13,252.  The blue-chips went out on their high for the day while the low checked in at 13,170.

The S&P 500 added 8 points, or 0.6%, to finish at 1,402.  The index was able to clear the 1,400 level and also went out at its peak after flirting with a low of 1,392.  The S&P is up 6-out-of-the-last-7 sessions and the close above 1,400 was the first since June 2008.

The Nasdaq advanced 16 points, or 0.5%, to settle at 3,056.  Tech traded to a 52-week and 11-year high of 3,059.

The PowerShares QQQ Trust (QQQ, $66.68, up $0.19) also hit a 52-week high and here were our thoughts with some chart work (quotes as of 1/27/12) at the end of January:

“We coved the Triple-Q’s in our video a few weeks ago and said a break above $58 could be a great trade on a play to $60.  Bingo.  We even showed what options to use on this run to $60 which did really well.  We mentioned how a bullish Russell 2000 could bring out the little-guys and if the QQQ’s can hold current levels, it might bring out the big-boys (hedge and mutual fund managers) who have been begging for a pullback.  If the market continues to chug higher, they might be forced to say “uncle” and buy.  

This is the longer-term chart of the QQQ’s which are setting up for a run to $70 this year.  The 15-year chart below shows a picture perfect setup and how fast it could come:

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They say a picture is worth a thousand words.

This is just one of the clues we used to stay bullish despite the fact that most Wall Street pros, talking heads, and investment newsletters have been calling for a pullback, selloff, and even a full blown correction.  Needless to say, our homework has been spot on. 

We will have much more to talk about in the afternoon update but for now, let’s get ready for today’s open.  Subscribers, check the Members Area for the updates.