BOTTOM LINE: The Portfolio is unchanged mid-day as gains in my Steel and Semi longs are offsetting losses in my Wireless longs. I have not traded today, thus leaving the Portfolio’s market exposure 25% net long. The tone of the market is modestly negative as the advance/decline line is lower, most sectors are declining and volume is light. Measures of investor anxiety are mostly lower, which is a negative. Today’s overall market action is negative, considering the major indices’ oversold state and the stabilization of energy prices and interest rates. The decline in the CRB Index and gains in the US dollar are also positives that are being ignored today. I expect US stocks to trade modestly higher into the close on optimism over merger activity, short-covering and bargain-hunting.