Stocks Slightly Higher into Final Hour on Light Volume

BOTTOM LINE: The Portfolio is slightly higher into the final hour on gains in my Networking longs and Biotech longs. I have not traded today, thus leaving the Portfolio 50% net long. The tone of the market is slightly positive as the advance/decline line is modestly higher, most sectors are rising and volume is light. Last night, the world's largest shipbroker, Clarkson Plc, said supertanker fleet capacity will rise 1.3% this quarter and demand will fall 1.8%. Revenue minus fuel and port fees is estimated to average $44,500/day for a 2M barrel carrier on a round-trip to Asia from the Persian Gulf in the second quarter, down 38% from the first quarter. Persian Gulf to the U.S. Gulf Dirty Tanker Rates have now fallen 76% from November 04 highs. The Bloomberg Tanker Index(TANKER) has declined almost 30% during this period. I remain overweight short this group, including OMI Corp. (OMM). I expect US stocks to trade mixed into the close from current levels as higher long-term rates offset short-covering.