The Wrap 9/20/10

{+++}The S&P 500 pushed through technical resistance to set a fresh four-month high on Monday. There were no catalysts or headlines to account for the climb. Only a bullish bias among market participants underpinned the move.

All ten sectors were in positive territory, led by financials (+2.0%), consumer discretionary (+1.9%) and energy (+1.7%).

Tomorrow morning before the open, two economic reports are scheduled to be released: 1) Housing Starts (Consensus 550K) and Building Permits (Consensus 560K).

Tomorrow before the open look for the following companies to report: AZO, CCL, CAG, and FDS.

We had two hedges/shorts that didn’t work from the get go (FAZ & BGZ) and I stopped them out this morning, right around the time SPX broke through 1130.

I was a magical yet exhausting day as the market lit up like a Christmas tree and triggers were hit and stocks ran. Let’s hope the bulls can keep it going, the FOMC is on tap tomorrow afternoon which I expect to be a non event.

Please check the P&L as ALMOST ALL STOPS HAVE BEEN RAISED FOR PROTECTION. Two names for tomorrow.

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