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Data drove the major averages to fresh multi-month highs in the early going, but a loss of support left stocks to settle with losses. That made for a lackluster finish to September, which actually brought the stock market its best monthly performance since April 2009.
Nine of the ten sectors were in negative territory, led by tech (-0.6%), industrials (-0.4%) and consumer staples (-0.4%), while energy (+0.1%) was higher.
Tomorrow morning before the open, one economic report is scheduled to be released, which includes Personal income (Consensus 0.3%), Personal Spending (Consensus 0.3%) and PCE Prices — Core (Consensus 0.1%).
I have greatly reduced long exposure for now and we ave a little hedghe with FAZ and TZA. I will monitor those two closely tomorrow and I have added one long idea for the watch list. Please check the P&L for stops.
