9:00am (EST) The bulls made it five in-a-row on Thursday and will look to extend their winning streak to a half dozen today.  We got a couple of nuggets that turned out to be golden for the market that helped push us higher  A lower-than expected jobless claims report was welcomed news and Procter & Gamble (PG, $56.04, up $2.28) jumped 4% after it said it expects stronger sales. The Dow Jones added 80 points on Thursday to close at 9,627.  The index is now at its highest level since October but still down from its 1-year ago high of 11,523.  The close above 9,625 was significant because it could represent “breakout” territory.  There is virtually no resistance between here and 11,500. The S&P 500 gained 11 points and finished at 1,044.  The bulls are eyeing the 1,100-1,150 area.  The Nasdaq closed at 2,084, up 24 points, or 1.2%.  If it can get thru 2,100 then we could easily see the Nasdaq push 2,200. The Labor Department’s reported that jobless claims fell more than expected to 550,000 last week and we will need unemployment figures to continue to improve if we are going to challenge those highs.  However, we could still hit double-digits on unemployment and trade higher. Everybody has been waiting for the pullback but we have still been leaning towards mostly bullish trades.  You have to trade what you are seeing on the tape and when the bears failed to show up last Friday, you could kind of feel the bulls bidding the market higher that day.  As everyone keeps calling for a pullback the market is proving that the herd is often wrong.  This is why you have to tune out what the talking heads are saying and watch the tape and the sector rotations.  From this camp, I’m looking for a continued move higher until some newsworthy event, some major bad news, before the bears come out to play. Real quick…  Welcome Tri-Tech (TRIT, $8.75, up $2.00) to the investing community.  The Chinese company had its Initial Public Offering (IPO) yesterday after pricing 1.7 million shares at $6.75 apiece.  Tri-Tech’s forte is designing and customizing sewage treatment and control systems in China but it is a tiny company.  The stock can be added to your “China Watch List” but there are no options (yet) on the stock. JDS Uniphase (JDSU, $7.60, up $0.23) tacked on 3% yesterday and the September 7 calls (UQDIJ, $0.65, up $0.20) continue higher.  Here is where those cheap-in-the-money kick into high gear.  I didn’t recommend getting back in the trade but we have subscribers who took the trade back in June.  In fact, some subscribers got in at the 20 cent level.  If you are still in, close at least 75% of the trade by the closing bell.  Subscribers, don’t forget to check the Members Area for the trade updates. Rick@MomentumOptionsTrading.com]]>