Dow Win Streak Hits 10 Days

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"Today marked the 10th consecutive day of positive returns for the Dow Jones Industrial Average (DJI) ," said Schaeffer's Senior Equity Analyst Joe Bell on a day that saw the Dow extend its winning streak to a length only seen 15 other times on record. "To cap it off, all 10 major sectors were positive in the midst of today's advance. This type of strength really hammers home how trends can often go much further and last much longer than most believe."

Continue reading for more on today's market, including :

  • Our Senior Trading Analyst Bryan Sapp tracks the ongoing rise in the major indexes; plus, a look at Zynga ( ZNGA ).
  • How option traders are hoping for a continued rise in Netflix ( NFLX ) over the very short term.
  • The details behind a big trading day in the option pits for Cisco Systems ( CSCO ), Intel ( INTC ), and Merck & Co. ( MRK ).
plus...
  • The Dow makes it 10 straight wins, jobless claim numbers fall again, and option traders go against the grain on several stocks.

The Dow Jones Industrial Average (DJI) pushed its winning streak to 10 days, and set a new all-time intraday high for the seventh time in the last eight sessions. It was the first 10-day streak since late 1996, and only the 15th time in the history of the market that a streak has gone this long. The Dow gained 84 points, or 0.6%, to finish at 14,539.14. The 30-member Dow saw 23 its members advance, led by Hewlett-Packard (HPQ), which climbed 2.9%. The seven decliners were paced by Merck & Co. ( MRK ) and Home Depot (HD), which each fell 0.7%.

The S&P 500 Index (SPX) also gained, picking up nearly 9 points, or 0.6%, to close at 1,563.23. The SPX set a new annual high, and is just a few points away from the all-time closing high set on Oct. 9, 2007. The Nasdaq Composite (COMP) also hit a multi-year peak and finished at 3,258.93, up nearly 14 points, or 0.4%.

The CBOE Market Volatility Index (VIX) fell 0.5 point, or 4.5%, to close at 11.30. Shortly before the close, the index visited a six-year low of 11.05.

A Trader's Take :

"The day got off to a good start when the initial jobless claims were released and came in better than expected," said Bell. "Cyclical and technology stocks took a leadership role throughout the day, as Apple (AAPL) and IBM (IBM) both performed well."

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

3 Things to Know About Today's Market :

  • The number of new jobless claims fell for the third straight week, dropping to a seasonally adjusted 332,000 and beating economists' estimates. (Reuters)
  • Foreclosure filings rose 10% in February as compared with January, but the total 71,488 filings figure was down 25% as compared to February 2012. (CNBC)
  • The World Gold Council advised central banks in many countries to diversify from holding primarily the U.S. dollar as reserve assets -- and unsurprisingly said countries should own more gold. (CNN Money)

5 Stocks We Were Watching Today :

  1. Juniper Networks (JNPR) saw a reversal of a normally bullish trend with a flurry of put trades.
  2. Option bears also swarmed Morgan Stanley (MS) in advance of the U.S. Treasury Department's stress tests on the nation's largest banks.
  3. VMware (VMW) received upgrades from analysts, and option traders took notice with a new round of call trades.
  4. Despite all the good news surrounding Boeing (BA), one set of bears looked for the airplane maker to slide over the long term.
  5. Research In Motion (BBRY) announced a huge order for its latest phone, and option traders pounced with a barrage of new short-term calls.

EARNINGS

For a look at today's options movers and commodities activity, head to page 2.

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

Commodities :

Oil futures climbed on a weaker dollar and better-than-projected weekly jobless claims Thursday, with April crude gaining 51 cents, or 0.6%, to end the session at $93.03 per barrel. It was the highest close for a front-month contract since Feb. 25.

A lower dollar also lifted gold, although strong economic data kept investors largely focused on equities. April-dated gold finished at $1,590.70, edging up $2.30, or 0.1%.

SCHAEFFER'S MARKET POSTURE

At the end of every market day, the staff at Schaeffer's Investment Research reviews the trading day in detail, covering major events and key market developments. Don't miss this critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Options

Referenced Stocks: CSCO , INTC , MRK , NFLX , ZNGA

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