The Dow just closed at a record high — here's how investors are playing the rally

The hit another record high Wednesday, closing its fifth straight session in the green – the index's longest winning streak since mid-July. Here's what four experts had to say about the record run:

• "You need to play the market the right way and I think the right way, right now is to get a little bit more defensive. Because these defensive groups, especially the health-care stocks, which are a little overbought near term, but I think still have a lot further to run for a number of different reasons. ... These groups are holding up and are actually slightly outperforming the market, so if you get a little bit more defensive right now, you limit your downside if the market rolls over," Matt Maley of Miller Tabak explained.

• "Semis have been on an absolute tear for years. There have been, you know, supply shortages not just at Intel but across the board, here. And a lot of consumers of chips have built a lot of inventory, particularly as lead times for these products have stretched and as these shortages have grown. So there is some risk for, perhaps, at least two quarters of this inventory work-down across the board. So some of the broad-based guys, I think, are a little bit more at risk right now," said Christopher Rolland of Susquehanna Financial.

• "The United States economy is really rolling. It's probably going to continue for some time. And generally, when the U.S. economy is rolling, the world economy comes right behind it. So to sort of jump off the track right now, is sort of missing the bigger picture. I think people need to be more bullish, not less, because as the global leader, both in consumption, manufacturing and everything you can think of, when we rise, everyone else should come along. But it hasn't quite been that way. And I expect that to happen. And so we hear all these crosscurrents. I believe that people should get bullish going into the fourth quarter, not more defensive. I think that's the wrong strategy," said Jamie Cox of Harris Financial Group.

• "I bought Blackstone yesterday afternoon. I want some exposure, I wanted to take an opportunity in the financials. There is that search for yield out there so that's why I added," said Joe Terranova of Virtus Investment Partners.

Bottom line: As the markets continue to rally, investors are being selective when it comes to what to buy now.