Another holiday week brought volume so low it's difficult to speak of the bulls in the plural. Nevertheless, the bull(s) continued the run with only minor setbacks on any bad news such as a widespread credit downgrade across Europe and some poor earnings reports.
Wednesday's housing data was the red cape to encourage the charge. This morning's (Thursday) data was a mixed bag with slightly improved employment data, but housing starts took the wind out of the sails of yesterday's housing data. CPI was basically flat and the Philly Fed was irrelevant on the ridiculous reports and revisions.