The Wrap 9/21/10

{+++}Stocks shook off a listless start to extend their four-month highs, but they failed to sustain gains in the face of resistance. Not even a pledge of support from the FOMC and better-than-expected housing start and building permit data could prop up the major averages.

Seven of the ten sectors were in negative territory, led by financials (-1.0%), utilities (-0.5%) and materials (-0.4%).

Tomorrow morning before the open, no economic reports are scheduled to be released.

Tomorrow before the open KMX, GIS, and JEF are scheduled to report.

We have drastically reduced our long exposure for now (“for now” could mean just a day or two) as Mr. Market may just be taking a deep breath before the next move up. The market is getting over bought and may need to consolidate gains for a few days. We’ll see. Open positions still look great. Please check the P&L for any stop adjustments.

One new name was added today (DECK), but it hasn’t triggered. See you bright and early.

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