Stocks Slightly Higher into Final Hour as Bears Fail to Capitalize on Friday's Losses

BOTTOM LINE: The Portfolio is slightly higher into the final hour on gains in my Internet longs, Computer longs and Semi longs. I covered some of my IWM and QQQQ shorts, thus leaving the Portfolio 75% net long. The tone of the market is modestly positive as the advance/decline line is slightly higher, most sectors are gaining and volume is about average. Measures of investor anxiety are lower. Overall, today’s performance is mixed as the bears could not follow-through on Friday’s panic, but the bulls are unable to mount a meaningful rally. I expect US stocks to trade modestly higher from current levels into the close on short-covering.