Stocks Slightly Lower into Final Hour on Iran Worries and Profit-taking

BOTTOM LINE: The Portfolio is slightly lower into the final hour on losses in my Medical longs and Energy-related 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 modestly lower, most sectors are declining and volume is about average. Many pundits and analysts have said that Sam Zell is "the smartest guy in the room" and that he was selling Equity Office Properties Trust (EOP) at the top of the market. He is likely "the smartest guy in the room." However, he said recently that he didn't sell at the top and that office rents will continue to rise. Moreover, Zell told Bloomberg that "What I can tell you is that the office market at least for the next 24 months looks extremely strong and extremely good." The S&P REIT Index, which has soared 36% over the last year, is only 2% off all-time highs despite much hand-wringing. I believe CNBC's "Closing Bell" has Zell as a guest later this afternoon. Maybe Zell did sell at the top, but he doesn't seem to see it that way. I expect US stocks to trade modestly higher into the close from current levels on short-covering and more optimism in the technology sector.