DJIA Surging to Another All-Time High on Falling Energy Prices, Positive Economic Data and Buyout Speculation

BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Semi longs, Medical longs and Biotech longs. I covered my remaining (IWM)/(QQQQ) hedges this morning and added to a few existing longs, thus leaving the Portfolio 100% net long. The tone of the market is very positive as the advance/decline line is substantially higher, almost every sector is rising and volume is heavy. Theflyonthewall.com is pointing to a story on Looprumers.com that says Apple's(AAPL) iPhone could gain as much as 6% of the U.S. mobile market by next year. This would surpass Windows Mobile's share. This is quite a different prediction than Steve Ballmer recently made that the iPhone has "no chance." I am quite sure that those that have a vested interest in seeing the product fail will attempt to paint a negative picture upon release, however I continue to believe Apple's future has never looked brighter. The iPhone will bring in many new customers to the stores that have never owned an Apple product. I suspect the "halo effect," which began with the iPod, will gain significant traction with the release of the iPhone. Apple Computer remains my second-largest long position, behind Google Inc.(GOOG). I expect US stocks to trade mixed into the close from current levels as positive earnings reports, short-covering, falling energy prices and buyout speculation offset profit-taking.