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BOTTOM LINE: The Portfolio finished slightly lower today on losses in my Oil Tanker and Base Metal shorts. I took profits in a few shorts from various sectors in the afternoon and added a few new Tech and Retail longs, thus leaving the Portfolio 100% net long. One of my new longs is AEOS and I am using a $26.50 stop-loss on this position. The tone of the market strengthened into the afternoon as the advance/decline finished at session highs, almost every sector advanced and volume was light. Overall, today’s market action was positive considering the weaker-than-expected Empire Manufacturing report and bounce in oil from morning lows. Tomorrow, I expect the PPI to meet expectations, housing starts to exceed estimates and industrial production to come in weaker-than-expected. This should result in further gains for US stocks.
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