* MARKET THEMES FOR THURSDAY: The high momentum rise continued, fueled by positive earnings news, as averages challenged--and in some cases pierced--their prior bull market highs. The move was accompanied by a weaker U.S. dollar and firmer oil prices. We had 708 new 65-day highs and 73 lows, well off the June peak, but considerably stronger in the past several days. Importantly, we saw new highs in several advance-decline lines, including NYSE common stocks, the S&P 500 Index, and the NASDAQ 100 Index. This strength supports the notion that the recent weakness was a correction in an ongoing bull market.
* OVERSEAS/OVERNIGHT NUMBERS: 4:00 AM CT - EU, construction, foreign trade balance; 6:00 AM CT - Canada, CPI; 7:30 AM CT - Canada, Leading economic indicators.
* EARNINGS: BAC, C, GE
* WORTH READING:
-- Foreclosures continue to set records;
-- Weak investor sentiment and more good reading;
-- Economic implications of Fed's exit strategy;
-- What TIPS and Treasury yields tell us about inflation;
-- "Mancession" and where unemployment is coming from;
-- Questioning a housing bottom.
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