Stocks Mixed into Final Hour as Lower Oil Prices Offset Quarter-end Profit-taking

BOTTOM LINE: The Portfolio is slightly higher into the final hour on gains in my Internet longs, Retail longs, Networking longs and Biotech longs. I have not traded today, thus leaving the Portfolio 75% net long. The tone of the market is mixed as the advance/decline line is slightly higher, sector performance is mixed and volume is below average. The ECRI Weekly Leading Index rose to 137.00 this week from 136.20 the prior week. This is off of cycle highs of 138.50 set the third week of January, but is still solidly higher from a reading of 132.00 during the last week of May 2005 and the long-term average of 128.90. This gauge of future economic activity is still forecasting healthy, but decelerating, U.S. growth. I expect US stocks to trade mixed into the close from current levels as short-covering offsets profit-taking at quarter’s end.