NEW WEEK...MORE NEW HIGHS AHEAD
WACHOVIA CUTS NATURAL RESOURCE
HOW MUCH CAN A PENNY GET YOU?

Its Monday Morning and the MLP index is sitting just a handful of ticks below its all time high and with a stronger open forecast in the overall market this morning and higher energy prices we should see a higher open. The daily chart is stretched to the limit. The weekly chart is beginning to get extended here but in a bull market we can of course stay extended for a long time. The index is up 8 out of the last nine days. However even with all this upside the daily moves have never even reached 1%.



Meanwhile this morning Wachovia is cutting Natural Resource Partners from buy to hold. The stock has run from low 50s to 70 in this move so why not take some money off the table, at least in Citigroup's eyes. Crude is up this morniing and back to about 64 dollars so the energy complex continues to remain firm.

Finally there is Teppco which on Friday raised its distribution for the first time in ages by 1 cent! (who loves you baby! Telly Savalas?). The chart of Teppco has been a winner so the question is whether the 1 cent increase will be a disappointment or will it be viewed as Teppco at the beginning of a string of distribution increases?


Btw i finally got all my taxes done yesterday....165 pages thick between federal and state. It was a good year but frankly the IRS ought to at least send me a thank you card!