Stocks Lower into Final Hour, Led by Commodities

BOTTOM LINE: The Portfolio is slightly lower into the final hour as losses in my Semi longs and Internet longs more than offset gains in my Commodity shorts and Computer longs. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is very negative as the advance/decline line is substantially lower, most sectors are falling and volume is above average. The FOMC just released its June 29 minutes. The committee said it has "significant uncertainty" regarding future policy. It said inflation is "temporarily" boosted and sees it receding. One member said the June hike was a close call. These minutes are dovish and are meant to further prepare the markets for a "pause." I continue to believe the Fed is done hiking rates for this cycle. I expect US stocks to trade mixed-to-higher into the close from current levels on short-covering, bargain-hunting and lower long-term rates.