NEW ALL TIME HIGHS TO START A QUIET MONDAY

Monday morning and its quiet in MLP land as we have no headlines and no upgrades or downgrades so far. Transmontaigne (TLP) was down Friday as they are doing a stock offering this week, expected to come to market Thursday. That's pretty much it on the morning news front.


With earnings just about done on MLPS and distribution checks hitting mailboxes in the next few days not much is left on the table so we turn to market forces this morning as the primary drivers. Stock futures are a little softer while the energy complex starts the morning firm.

The charts are still quite positive here...no signs of a top in either the short term daily chart or in the weekly chart. Still looks like it wants to go higher. Fridays close over 335 gives us another new alltime high.

At the beginning of this chart is the point of the prior breakout at 190 which topped 14 months later at 270 for a 50% move so if the moves are similar (big assumption) it means the rally lasts until December and tops around 400 on the MLP index.