Stocks Modestly Higher into Final Hour on More Positive Economic Data

BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Biotech, Retail, Semi, Medical and Internet longs. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is slightly positive as the advance/decline line is slightly higher, most sectors are rising and volume is above average. Bloomberg is reporting that the CRB Index is poised to post its worst three-week decline in almost 26 years. 1980 also happened to be the year the Consumer Price Index(CPI) peaked at 14.8% and began a secular move lower. It is no coincidence that another secular bull market in U.S. stocks began around this time. The major indices have given up some of this mornings' gains. The "sell every rally" mentality is still firmly in place. I suspect the viability of this widely used tactic will fade over the coming months. I expect US stocks to trade mixed-to-higher into the close from current levels on short-covering.