Stocks Higher into the Final Hour, Led by Reveral in Tech Shares

BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Semi longs, Internet longs, Retail longs and Medical longs. I added to my (CYMI) long and covered some of my (IWM)/(QQQQ) shorts today, thus leaving the Portfolio 75% net long. The tone of the market is slightly positive as the advance/decline line is slightly higher, most sectors are higher and volume is about average. Bloomberg just interviewed former hedge fund manager Michael Steinhardt. He said there is a pall and sense of doom overhanging the U.S. stock market that isn't justified and that he thinks the market is OK. The economy will continue to expand and interest rates won't rise much further, according to Steinhardt. He said stocks are cheap and commodities are expensive. He called the belief that China produces vast amount of new consumerism each year a myth. Finally, he expects a continuing shakeout among hedge fund managers. I expect US stocks to trade modestly higher into the close from current levels on short-covering, lower long-term rates and bargain-hunting in tech.