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BOTTOM LINE: The Portfolio finished higher today on gains in my Medical longs, Retail longs, Energy shorts and Base Metal shorts. I covered some of my trading shorts in the afternoon, thus leaving the Portfolio 50% net long. The tone of the market was negative today as the advance/decline line finished lower, sector performance was mixed and volume was above average. Measures of investor anxiety were mostly lower into the close. Overall, today’s market action was mildly bearish. I expect many stocks, with the exception of commodities, made at least a short-term bottom today. I will closely monitor the bond market's reaction to tomorrow's PPI report before further shifting market exposure.
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