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Dow, S&P 500 Extend Weekly Winning Streak to Six

By: Schaeffer's Investment Research
Posted: 11/15/2013 4:25:00 PM
Referenced Stocks: COP;GE;MCD;TWTR;XOM

"In a somewhat quiet day of action, the broad market indices slowly churned higher, and by the end of the day, most sectors registered some pretty nice gains," said Schaeffer's Senior Equity Analyst Joe Bell, CMT. "There was a little economic data released this morning, but it didn't seem to have too much of an effect on the market. A day after Fed Chair nominee Janet Yellen's confirmation hearing, it seems like the positive momentum isn't quite ready to slow down." The Dow Jones Industrial Average (DJI) and the S&P 500 Index (SPX) subsequently extended their weekly winning streaks and again found their way to unprecedented heights.

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

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The Dow Jones Industrial Average (DJI - 15,961.70) reached yet another record intraday peak of 15,962.98, and finished with a gain of 85.5 points, or 0.5% -- denoting an all-time closing high. For the week, the blue-chip index added 1.3%, its sixth straight weekly advance. Exxon Mobil Corporation ( XOM ) led the Dow's 25 advancers with a gain of 2.2%, while a 0.7% loss for McDonald's Corporation ( MCD ) paced the five decliners.

The S&P 500 Index (SPX - 1,798.18) also touched an all-time intraday high of 1,798.22, and ended the session up 7.6 points, or 0.4%, to claim its own record closing high. Meanwhile, the Nasdaq Composite (COMP - 3,985.97) climbed 13.2 points, or 0.3%, which marked a new 13-year peak. On a weekly basis, the indexes tacked on 1.6% and 1.7%, respectively.

Elsewhere, the CBOE Volatility Index (VIX - 12.19) tumbled out of the gate, but narrowed its daily loss to 0.2 point, or 1.5%, by the closing bell. The "fear barometer" dropped 5.5% on the week.

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

A Trader's Take :

"Markets finished the week higher for the sixth consecutive time, as the positive trend continues," Bell went on. "Although the momentum from the month of October has slowed in November, the trend has stayed in place, and technically, the market remains strong."

3 Things to Know About Today's Market :

5 Stocks We Were Watching Today :

  1. Ahead of next week's turn in the earnings confessional, Pandora Media Inc (P) received a price-target hike at J.P. Morgan Securities.
  2. The latest Option Idea of the Week highlights why underloved Safeway Inc. (SWY) could be fodder for a bullish trade.
  3. As BlackBerry Ltd (BBRY) continues to struggle on the charts, the stock was slapped with a downgrade at Macquarie this morning.
  4. One near-term speculator extended his bullish position on Michael Kors Holdings Ltd (KORS) to allow for additional gains.
  5. US Airways Group Inc (NYSE:LCC) saw a notable surge in longer-term put volume today, with a particular focus on April 2014-dated options.

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 :

Abundant oil supplies weighed on crude futures yet again, although the December contract managed to tack on 8 cents, or 0.1%, to close at $93.84 per barrel. For the week, however, crude shed 0.8% -- marking a sixth consecutive weekly loss, as well as the longest weekly losing streak in 15 years.

Meanwhile, gold futures edged higher again on easing tapering fears. December-dated gold added $1.10, or 0.1%, to finish at $1,287.40 per ounce. On a weekly basis, the precious metal advanced 0.2%.

SCHAEFFER'S MARKET POSTURE