Stocks High into Final Hour on Dovish Fed Beige Book Commentary

BOTTOM LINE: The Portfolio is unchanged into the final hour as gains in my Computer longs, Networking longs and Biotech longs are offsetting losses in my Semi longs and Commodity shorts. I added to my (CYMI) and (UARM) longs and took profits in a trading long today, thus leaving the Portfolio 100% net long. The tone of the market is modestly positive as the advance/decline line is slightly higher, most sectors are gaining and volume is above average. The Fed's Beige Book report was dovish. I still believe the Fed is done for this cycle. The 10-year is rallying on the report with the yield falling 4 basis points to 5.02%. I expect US stocks to trade modestly higher into the close from current levels on short-covering, bargain-hunting, dovish Fed commentary, lower long-term rates and positive earnings reports.