David Moenning’s Daily State of the Markets: 6/26 Jun 26, 2009 09:46AM

T+3 Was the Key
The bulls came roaring back yesterday. Some of the reasons offered for the rebound was the positive technical action, a well-bid treasury auction, lower mortgage rates, an upbeat preannouncement in tech, renewed enthusiasm for the retail sector, a surprisingly good report from a homebuilder, and the Fed’s first step in removing numerous emergency lending programs designed to avert an all-out financial meltdown last winter.

However, there may have been a little more than meets the eye at work yesterday. For the most part, traders have been focused on the economic data with all eyes currently searching for signs of an actual uptick in the economy. So, when the weekly jobless claims actually came in above the consensus (which in this case is a bad thing), one might have expected to see some selling ensue. Especially when you consider that the report showed approximately 100,000 people rolled ...