Stocks Slightly Lower in Final Hour on Another Decline into Commodity Shares

BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Biotech longs, Retail longs and Commodity shorts. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is slightly negative as the advance/decline line is lower, sector performance is mixed and volume is above average. The rise in gold has helped pump air into the current “negativity bubble.” An ad from a local commodity broker just aired. It spoke of bird flu, nuclear war, drought, famine, stock market crashes, housing collapses, a plunging dollar and soaring inflation. Meanwhile gold is down another $11/oz. to $585.30. It is down $147/oz. from May highs or 20%. I expect US stocks to trade mixed-to-higher into the close from current levels on short-covering and lower energy prices.