Stocks Slightly Higher into Final Hour, Led by Energy Shares

BOTTOM LINE: The Portfolio is slightly higher into the final hour on gains in my Internet longs, Computer longs and Networking longs. I covered some of my (IWM) and (QQQQ) shorts and added back to them, thus leaving the Portfolio 50% net long. The tone of the market is modestly positive as the advance/decline line is slightly higher, sector performance is mostly positive and volume is below average. Tech stocks are coming under pressure, led down by semis. The averages are not acting as though they are done with the recent correction. I expect US stocks to trade mixed into the close from current levels as weakness in the tech sector and higher energy prices offsets bargain hunting and short-covering.