Good Friday Morning.

Semo-holiday atmosphere today with Veterans Day. We start the day at all time highs on the AMZ MLP index thanks to yesterday's close as the chart indicates.



The daily chart looks extended but shows no signs of slowing...meanwhile the weekly chart below as i have argued here is just now breaking out of that long 14 month base.


That last move went from 190 to 270 and the drivers at the time were rising energy prices and flat to higher interest rates (10 year). The basing period was driven by even higher energy prices into the hurricane 2005 peaks...rising 10 year rates...and rising distributions. The drivers now are flat to falling 10 year rates...flat to falling energy prices...and rising distribution rates. The breakut looks real to me and i would say my first conservative upside target on the index is the 300 level.

This morning in news land Hiland Partners(HLND) posts stronger earnings. Also I missed this the other day..Calumet Products Partners (CLMT) also posted earnings. RBC Capital Markets raised its price target on Markwest Energy (MWE) to $60 from $57...the stock is almost there now.

So as always lets get through the opening noise and see where the day takes us.