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With trading days left in 2010 dwindling many investors are looking through their portfolio and trying to decide what should stay, what should go, and where to increase exposure.

True, the major stock indexes are up for the year: The Dow Jones industrial average has rebounded 10 percent in 2010, and the Standard & Poor's 500 has regained about 11 percent.

Resources Connection Inc. (Nasdaq:RECN), Lifeway Foods Inc. (Nasdaq:LWAY) and ArQule Inc. (Nasdaq:ARQL) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Meta Financial Group Inc. (Nasdaq:CASH), Investors Title Co. (Nasdaq:ITIC), Stewart Information Services Corp. (Nasdaq:STC), Nathans Famous Inc. (Nasdaq:NATH), First Commonwealth Financial Corp. (Nasdaq:FCF) and Collective Brands Inc. (Nasdaq:PSS).

TBS International Ltd. (Nasdaq:TBSI), Collective Brands Inc. (Nasdaq:PSS) and Speedway Motorsports Inc. (Nasdaq:TRK) are among the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Agree Realty Corp. (Nasdaq:ADC), Penn Virginia Corp. (Nasdaq:PVA), Korn/Ferry International Inc. (Nasdaq:KFY), Dorman Products Inc. (Nasdaq:DORM), SunPower (Nasdaq:SPWRA) and Genco Shipping & Trading Ltd. (Nasdaq:GNK).

Collective Brands Inc (Nasdaq:PSS), Insulet Corp (Nasdaq:PODD) and DineEquity Inc (Nasdaq:DIN) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Duff & Phelps Corp (Nasdaq:DUF), YRC Worldwide Inc (Nasdaq:YRCW), W.R. Grace & Co (Nasdaq:GRA), Brown Shoe Company Inc (Nasdaq:BWS), Crescent Banking Co (Nasdaq:CSNT) and OfficeMax Inc (Nasdaq:OMX).

Small-cap stocks started out Thursday’s trading session in the red, but quickly bounded back into positive territory showing similar resilience to “bad” news that was seen during Wednesday’s rise. So far today, investors were juggling a raft of disappointing profit reports against the bullish scenario from a fresh batch of rate cuts around the world. At 10:03 a.m. ET, the Russell 2000 (NYSE:IWM) was up 7.20, or 1.59%, at 460.96.

Several big companies announced plans to reduce workforce numbers this morning, reinforcing the concept that the jobs picture will get uglier before it gets better -- a numbing thought ahead of Friday’s big monthly employment release. There was a bevy of companies that either missed the profit forecast this morning, or lowered the outlook, but the one that seemed to spark the biggest response in pre-market trading was E I du Pont de Nemours and Co. (NYSE:DD), as chemical manufacturer DuPont said it now expects to lose money this quarter versus a previous projection for a profit. In addition, DuPont said it would cut 2,500 jobs. AT&T (NYSE:T) said it would slash some 12,000 jobs.

Economic data on weekly unemployment claims came in better than feared, but the expectations were so terrible that the upside surprise on claims didn’t have much kick. After all, the headline figure still came in above 500,000, which is a big number historically. What’s more, the number of Americans extending unemployment insurance because they can’t find a job rose to the highest point in 26 years. Simply put, firms are laying off employees and they can’t find work. The factory orders report this morning came in at minus 5.1%, which was worse than the forecast for a drop of 3.8% and which was the biggest decline in more than eight years.

In overnight action, central bankers around the world were busy slashing interest rates to help bolster sagging economic activity. The European Central Bank sliced 100 basis points off their benchmark rate, bringing it down to 2%. Meanwhile, . . .

Small caps remained lower into midday trading, unable to draft off support from moderate gains in large caps as investors still have risk aversion on their mind. Energy stocks were providing a lift to large caps, but financial shares were struggling, pulling down lots of small banks in the small-cap universe. Today’s small-cap gainers are Silver Standard Resources Inc. (Nasdaq:SSRI), Exterran Partners (Nasdaq:EXLP) and Deltek (Nasdaq:PROJ).

Other Market Watch highlights today included:

• The Financial Select Sector SPDR was down 4.3% at midday.  
• Financial shares remain a big drag on the market, with Citigroup Inc. extending the freefall.  
• Small caps remained lower into midday trading, unable to draft off support from moderate gains in large caps.  
• Researchers at Goldman Sachs today said that the upcoming November employment report will be the worst yet for 2008. 

Small Cap Gainers:

• Gold and silver companies dominated the top percentage gainers on the Nasdaq; Silver Standard Resources Inc. is rising 18%. See (Nasdaq:SSRI).   
• Exterran Partners is up 18% on light volume as energy-related stocks are on the rise today. See (Nasdaq:EXLP).  
• Deltek up 15% today following SC&H Group's announcement earlier this week of a business partnership with the small cap. See (Nasdaq:PROJ).
• China Sky One Medical is up 7% on light volume following news this week that the small cap obtained production rights for nine new drugs. See (Nasdaq:CSKI). 

Small Cap Losers:

• Buckeye shares fall 26% after BGH terminates tender offer. See (NYSE:BGH).  
• Shares of Media General are down another 26% today following news Thursday that Harbinger Capital sold stock in the newspaper publisher. See (NYSE:MEG).
• Collective Brands Inc. is off 25% as the holding company for Payless Shoes and Stride Rite plunged to fresh 52-week lows See (NYSE:PSS).  
• Red Robin Gourmet Burgers Inc. is down 23% as the casual dining restaurant chain also made new move lows. See (Nasdaq:RRGB).  

Small caps remained lower into midday trading, unable to draft off support from moderate gains in large caps as investors still have risk aversion on their mind. Energy stocks were providing a lift to large caps, but financial shares were struggling, pulling down lots of small banks in the small-cap universe. At 12:39 p.m. ET, the Russell 2000 (NYSE:IWM) was down 2.87, or 0.75%, at 382.43, but up 11 handles from the new bear market lows set earlier in the day.

There was a giant snap-back in Treasury yields today, driven by ideas Thursday’s panic rise in yields was overdone and by some desire to bargain hunt for big-cap energy stocks. The yield on the long-bond was up more than 8% at mid-session, which is a startling one-day move. There was also some thought that buying interest in large caps was driven by options expirations and fewer small caps see significant options activity. However, the general notion is that options expirations tend to mirror dominant trends for the expiration period, and there is no doubt that stocks have been headed sharply lower ahead of today’s expirations.

Financial shares remain a big drag on the market, with Citigroup Inc. (NYSE:C) extending the freefall. C shares were down 12% at midday and are off a stunning 70% during the month of November. JP Morgan Chase and Co. (NYSE:JPM) was down 11% and JPM shares have been sliced in half since Nov. 5. The Financial Select Sector SPDR was down 4.3% at midday.

Energy giant Exxon Mobil Corp. (NYSE:XOM) was up 2.5% and providing a major lift to the Dow, but the rise in big-cap oil didn’t seem to have as much of an influence on small-cap commodity firms today — or at least not enough to counter sinking financials and a batch of soft profit reports.

Individual small caps on the decline today were dominated by small financial firms, outside of that arena Collective Brands Inc. (NYSE:PSS) was off 25% as the holding company for Payless Shoes and Stride Rite plunged to fresh 52-week lows. Red Robin Gourmet Burgers Inc. (Nasdaq:RRGB) was down 23% as the casual . . .

Small-cap shares hovered near steady levels, trimming away opening losses tied to ongoing concerns in the financial sector amid reports that banks and brokerages need to raise capital. Another slip in crude oil prices likely muted selling interest in equities. At 10:05 a.m. ET, the Russell 2000 (NYSE:IWM) was off 0.66, or 0.09%, at 738.35.

Lehman Bros. (NYSE:LEH) remains at the eye of the latest financial storm, and was trading down 3.4% shortly after the open after tumbling 9.4% Tuesday on persistent talk that the brokerage firm would need to raise capital to shore up the balance sheet. The banking concerns were fanned overnight when ratings agency Fitch said that a couple of large French banks needed to raise capital. The European stock market took a hit on those concerns, losing about 2% heading toward the U.S. open.

The market navigated through a series of economic data this morning, with the final report from the ISM Non-Manufacturing Survey coming out at 10:00 a.m. ET. The ISM data came in at 51.7%, which was above the 51% forecast. There was a brief upside pop on the ISM release, but it didn’t appear to hold trader attention for long.

Earlier today, the ADP private employment survey showed a surprise rise in new jobs in May, which tugged stocks off overnight lows at the time, but had little staying power into the morning trade. In addition to ADP payrolls, the market saw a productivity report that came in just above the forecast at 2.6%, and an MBA mortgage application index that was at six-year lows. The trading shelf life on all of these data releases was collectively short. Later this afternoon near 2:00 p.m. ET, Federal Reserve Chairman Ben Bernanke will speak at Harvard, but his speech topic is titled “Economic Challenges: 1975 and Now” and he’s not taking questions, so it’s unlikely his appearance will stir the market. That said, foreign exchange markets were still buzzing about his rare direct comments on the dollar from Tuesday, which sparked a rally in the greenback.

The opening slide in stocks took place in the face of soft crude oil prices, which shows that the market does have more on its mind right now than just the energy market. Crude oil prices slipped $124 dollars a barrel overnight, pressured by news that India and Malaysia raised fuel prices, which could crimp demand out of Asia. The weekly oil inventory data should come out around 10:35 a.m. ET, which could spark a . . .

Radyne Corp (Nasdaq:RADN), Nautilus Inc (Nasdaq:NLS) and Acme Packet Inc (Nasdaq:APKT) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $750 million.

Collective Brands Inc (Nasdaq:PSS), Crawford & Co. (Nasdaq:CRD.B) and Primedia Inc (Nasdaq:PRM) are also among the biggest percentage gainers.

Here are the biggest percentage gainers among small caps:

Inter Atlantic Financial Inc (AMEX:IAN), Collective Brands Inc (NYSE:PSS) and HMN Financial Inc (NYSE:HMNF) are among the new 52-week lows in Tuesday's trading among companies with market capitalizations under $750 million.

Playboy Enterprises Inc (Nasdaq:PLA), Interline Brands Inc (NYSE:IBI) and DSP Group Inc (NYSE:DSPG) are also among the new 52-week lows.

Here are the new 52-week lows among small caps:

Obagi Medical Products Inc (Nasdaq:OMPI), Interline Brands Inc (NYSE:IBI) and Collective Brands Inc (NYSE:PSS) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $750 million.

Atlantic Tele-Network Inc (NYSE:ATNI), Cheniere Energy Inc (Nasdaq:LNG) and Patrick Industries Inc (AMEX:PATK) are also among the biggest percentage losers.

Here are the biggest percentage losers among small caps:

Shoppers looking for inexpensive shoes have, in many parts of the country, three good options from which to choose. Shoe Pavilion Inc. (Nasdaq: SHOE), DSW Inc. (NYSE: DSW), and Payless Shoesource Inc. (NYSE: PSS) all offer a similar bare-bones store format, featuring aisle after aisle of stacked shoe boxes containing flip flops and tennis shoes, pumps and stilettos, all marked down from the regular retail price.

All of these stores are a bargain shopper’s paradise and many of the shoppers who exit with a bag full of discounted goods probably don’t know the difference between one shoe outlet and the other.

Not so investors. While DSW and Payless Shoesource are both solid businesses with multi-billion dollar valuations, Shoe Pavilion is a struggling small-cap stock, which has lost more than half its market share since the start of the year and is now valued at just over $30 million.

Sherman Oaks, Calif.-based Shoe Pavilion operates 108 stores in the western United States and has long attracted shoppers to its low-priced shoes, handbags and accessories. Revenues in fiscal 2006 grew to $131.3 million, from $102.5 million in 2005 and $85.8 million.

The company’s net income has been somewhat more erratic, partly due to costs associated with its aggressive expansion plans. The company earned $1.9 million last year, down from $2.6 million in 2005 and $2.1 million in 2004.