Stocks Higher into Final Hour, Spurred by Positive Beige Book Comments

BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Networking longs, Semi longs and Energy-related shorts. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is positive as the advance/decline line is higher, most sectors are positive and volume is above average. Ciena (CIEN) is making another 52-week high on strong volume. While the shares are extended near term, I expect the stock to rise substantially from current levels through year-end. I will look to add to my long position on any profit-taking. I expect US stocks to trade modestly higher into the close from current levels on short-covering, lower energy prices and stable long-term rates.