Stocks Mostly Higher into Final Hour on Falling Energy Prices and Long-term Rates

BOTTOM LINE: The Portfolio is slightly higher into the final hour on gains in my Biotech longs, Networking 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, most sectors are rising and volume is light. The Johnson Redbook same-store sales index rose 3.3% year over year last week vs. a 3.2% rise the prior week. The long-term average is a gain of around 2.8%. I still see little evidence that a significant decline in consumer spending is beginning, even as investors continue to price this into stocks. I still expect the back-to-school selling season to exceed lowered expectations. Weekly retail sales have averaged a healthy 3.2% during the month of August. I expect US stocks to trade mixed-to-higher into the close from current levels on short-covering, lower long-term rates and declining energy prices.