Stocks Higher into Final Hour on a Reversal Lower in Oil Prices and Short-Covering

BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Internet longs, Semi longs, Biotech longs and Medical longs. I add a small long position in (LVLT) and took some more profits in my (TLT) long, thus leaving the Portfolio 100% net long. The tone of the market is positive as the advance/decline line is higher, most sectors are gaining and volume is light. The major averages were rising even in the face of a bounce in energy prices this morning. I suspect it would take a move in oil back near $70 per barrel to significantly impact the market in a negative way. I don't anticipate that happening. The underlying market action today is much better than the averages suggest. I am seeing a number of growth stock leaders gain substantial upside traction. I expect US stocks to trade mixed-to-higher into the close from current levels on short-covering, less pessimism, performance anxiety, a reversal lower in oil and bargain-hunting.