Stocks Slightly Lower into Final Hour on Profit-Taking, Higher Energy Prices

BOTTOM LINE: The Portfolio is slightly lower into the final hour on losses in my Biotech longs and Defense 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 heavy. Investor anxiety is very high. Today’s overall market action is mildly bearish. Nikkei futures indicate a -43 open in Japan and DAX futures indicate a -2 open in Germany tomorrow. I expect US stocks to trade mixed-to-higher into the close from current levels on investment manager performance anxiety, short-covering and bargain-hunting.