9:00am (EST)

After a slow start, the bulls got it in gear an hour into Thursday’s session to start a nice rally that lasted throughout the day.  The major averages cleared key technical levels as they continue to march towards the 2012 highs despite more shaky economic news. 

The Philly Fed numbers yesterday were atrocious after posting a reading of -7.5 for August but it was better than July’s print of -12.5.  The market must have taken it as things are “improving” but the suit-and-ties were expecting a posting of -5.  Initial Claims were up slightly to 366,000 which was 1K ahead of forecasts but the 4-week average dropped to under 364,000 which is the lowest level since late March.

Rally on.

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