BOTTOM LINE: The Portfolio is slightly higher into the final hour on gains in my Networking longs, Semi longs and Biotech longs. I added to my (QQQQ) and (IWM) shorts, thus leaving the Portfolio 50% net long. The tone of the market is negative as the advance/decline line is lower, sector performance is mixed and volume is above average. Breadth has deteriorated throughout the day even as oil fell and long-term rates stabilized. It appears to be than more consolidation is necessary in the near-term before another push higher can commence. I expect US stocks to trade mixed-to-lower into the close from current levels on profit-taking.
Portfolio Manager's Commentary on Investing and Trading in the U.S. Financial Markets
Monday, April 03, 2006
Stocks Higher Heading into Final Hour, Led by Tech and Commodities
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