BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Networking longs, Computer longs and Semi longs. I covered some of my (IWM)/(QQQQ) shorts this morning, thus leaving the Portfolio 75% net long. The tone of the market is slightly positive as the advance/decline line is modestly higher, most sectors are higher and volume is heavy. The rotation into tech from commodity stocks is a big positive. It could lead to more short-term weakness, however longer-term it is necessary for strong broad market performance. I expect US stocks to trade mixed-to-higher into the close from current levels on lower commodity prices, short-covering and buying in the technology sector.
Wednesday, February 08, 2006
Stocks Sharply Higher Into the Final Hour, Led by Gains in Technology Shares
Posted by Gary .....at 3:21 PM