Still Long

U.S. stocks fell on Wednesday as investors dialed back expectations of how aggressively the Fed would act to stimulate the economy. In recent sessions, investors reduced their bets on the size and timetable of the Fed's potential purchases of Treasury debt. The Wall Street Journal furthered those expectations after reporting the Fed hoped to avoid a shock and awe approach. The Dow Jones industrial average dropped 43.18 points, to 11,126. The Standard & Poor's 500 Index lost 3.19 points, to 1,182. But the Nasdaq Composite Index gained 5.97 points, to 2,503. Even with the recent intraday weakness, our charts have not wavered and we remain long.