Stocks Slightly Lower into Final Hour Ahead of Fed

BOTTOM LINE: The Portfolio is slightly higher into the final hour on gains in my Software longs, Networking longs and Computer longs. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is negative as the advance/decline line is lower, most sectors are declining and volume is above-average. A reversal in the homebuilding sector into positive territory seems to be helping boost the broad market near session highs. Tech stocks and cyclicals are now higher on the day. As well, strength can be found in road/rail, restaurants, airlines, engineering/construction and steel. A number of market-leading stocks are gaining upside traction. My intraday gauge of investor angst is above average. The 10-year yield is stable despite stocks' gains from session lows. After touching its 50-day moving-average, corn is gapping 3.5% lower today. I still believe the commodity has put in a long-term top. I expect US stocks to trade mixed-to-higher into the close from current levels on buyout speculation and investment manager performance anxiety after another failed sell-off attempt.