Stocks Slightly Higher Into Final Hour on Bargain Hunting

BOTTOM LINE: The Portfolio is slightly higher into the final hour on gains in my Internet longs, Networking longs and Retail longs. I covered some of my (IWM) and (QQQQ) shorts and then added them back today, thus leaving the Portfolio 75% net long. The tone of the market is slightly positive as the advance/decline line is modestly higher, sector performance is mixed and volume is above average. Bloomberg just reported that China raised jet fuel, diesel and gasoline prices more than 10%. This will result in a further deceleration in demand for oil. I expect US stocks to trade mixed into the close from current levels as higher energy prices and economic worries offset short-covering and bargain hunting.