Stocks Slightly Lower into Close on Late Afternoon Rally

BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Biotech longs, Semi longs and Energy-related shorts. I covered some of my (IWM) and (QQQQ) shorts and added to my (BRCM) and (RACK) longs today, thus leaving the Portfolio 75% net long. The tone of the market is neutral as the advance/decline line is about even, sector performance is mixed and volume is above average. I expect US stocks to trade higher into the close from current levels on falling energy prices, short-covering and stabilizing long-term rates.