Stocks Slightly Higher into Final Hour on Rebound in Broker/Dealers and Positive Earnings

BOTTOM LINE: The Portfolio is slightly higher into the final hour on gains in my Computer longs, I-Banking longs and Software longs. I have not traded today, thus leaving the Portfolio 75% net long. The tone of the market is mildly negative today as the advance/decline line is slightly lower, sector performance is mixed and volume is above-average. My intraday gauge of investor angst is at an above average level. The broker/dealers are displaying some relative strength today, which is a big positive. However, overall trading feels sloppy and buying is still being restrained by lingering credit worries. It seems that time and more data are needed to alleviate this uncertainty and allow stocks to lift with conviction. I expect US stocks to trade mixed into the close from current levels as profit-taking and higher energy prices offset bargain-hunting and short-covering.