Stocks Modestly Lower Into Final Hour as Long-term Rates Bounce and Iran Worries Increase

BOTTOM LINE: The Portfolio is higher mid-day on gains in my Computer longs, Software longs, Retail longs and Medical longs. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is modestly positive as the advance/decline line is slightly higher, sector performance is mixed and volume is around average. Measures of investor anxiety are mixed. The S&P 500, already up 3.3%, is outperforming many foreign markets that posted stellar gains last year. With the Nasdaq up 5% for the year and high-profile consumer tech companies such as Google (GOOG) and Apple (AAPL) roaring, I would expect to see increasing interest in U.S. stocks as the mania for international equities and commodities wanes. I expect US stocks to trade mixed-to-higher from current levels into the close on strength in the technology sector and short-covering.