Stocks Lower into Final Hour, Pressured by Tech Shares

BOTTOM LINE: The Portfolio is lower into the final hour on losses in my Biotech longs, Semi longs, Networking longs and Energy-related shorts. I added IWM and QQQQ shorts today, thus leaving the Portfolio 75% net long. The tone of the market is negative as the advance/decline line is lower, most sectors are declining and volume is average. The CFO of Boston Scientific (BSX) and two directors recently purchased 215,000 shares at around $22.40/share. The stock is down about 45% since its high in April 2004. I expect US stocks to trade modestly higher into the close from current levels on short-covering and bargain hunting.