Stocks Higher into Final Hour on Falling Energy Prices

BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Internet longs, Retail longs, Biotech longs and Commodity shorts. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is positive as the advance/decline line is higher, almost every sector is rising and volume is very light. I continue to believe declining commodity prices, which have been the main source of inflation angst, are a function of a speculative mania ending and not the result of a significant decline in demand. I view the breakdown in the CRB Index as a huge positive for the broad market that will result in P/E multiple expansion. I expect US stocks to trade mixed-to-higher into the close from current levels on short-covering and lower energy prices.