Stocks Higher into Final Hour as Correction Loses Steam

BOTTOM LINE: The Portfolio is slightly higher into the final hour on gains in my Networking longs, Computer longs and Medical longs. I covered some of my (IWM), (EEM) and (QQQQ) shorts today, thus leaving the Portfolio 75% net long. The tone of the market is positive as the advance/decline line is substantially higher, almost every sector is higher and volume is above average. Theflyonthewall.com is reporting that Apple Computer (AAPL) will redesign the iPod nano to include video playback. I continue to believe Apple is trading at very attractive levels for both short and longer-term investors. I expect the stock to challenge its high of $86.40 by year-end. I remain long Apple. I expect US stocks to trade modestly higher into the close from current levels on short-covering and bargain hunting.