Stocks Sharply Lower into Final Hour on Rise in Oil and Rates

BOTTOM LINE: The Portfolio is lower into the final hour on losses in my Retail longs, Internet longs, Computer longs and Semi longs. I added to my (QQQQ), (IWM) and (EEM) today, thus leaving the Portfolio market neutral. The tone of the market is very negative as the advance/decline line is substantially lower, almost every sector is declining and volume is heavy. Today's losses are a function of investors anticipating slower economic growth as a result of slowing housing, high energy prices and Fed rate hikes. The market will likely find an intermediate-term bottom after the most economically sensitive stocks see losses accelerate to the downside. I expect US stocks to trade mixed-to-lower into the close from current levels on profit-taking, higher energy prices and rising long-term rates.