Stocks Slightly Lower into Final Hour on Profit Taking, Technical Selling

BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Semi and Medical longs. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is slightly negative today as the advance/decline line is slightly lower, sector performance is mixed and volume is above average. Google (GOOG) is breaking higher today on above-average volume. The stock has risen almost 15% since July lows on relatively little new news. I suspect this is a result of P/E multiple expansion, especially in the growth stock arena. Google has been severely under-priced, in my opinion, relative to its fundamentals. I still believe the stock is in the early stages of another substantial move higher. It remains my largest long position, with Apple Computer (AAPL) now a close second. It isn't too late to buy either, in my opinion. I expect US stocks to trade modestly higher into the close from current levels on short-covering and bargain hunting.