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If a post is in moderation it's invisible to the general population until the moderators decide what to do with it or have communicated with the OP. The thread is still visible though.
I know it is a minor issue and not worth discussing more than this but the point was, for me at least, that the thread remained unread even though it had been viewed and the only way to rid it from your stack of new unread threads is to read all threads and then mark the forums as read.