CHARTS ARE SAYING BUY OR SELL MAYBE?

As always when using charts you can look at them and stake a position and then come up with every reason why you will be right...or wrong. Well i thought this mornning why not look at the usual suspects and see if we can come up with anything.


The AMZ MLP Index is in this sideways consolidation since hitting 335. 320 is the bottom of the range. I think the break will be to the upside eventually. Demand is still strong in the group. Deals continue which continue to drive up prices. 5.25% remains the top of the range in the ten year. This morning we are at 5.06%

Less clear to me is the DOW Industrail chart which also has been moving sideways. It has been foolish to get bearish on these pullbacks so if i had to guess once the fed meeting is down tomorrow we should rally.

Oil stocks still want to go higher and why not. These companies continue to make buckets of money as long as the price of crude sits over 60 bucks. Chart still looks bullish. No signs of a top.

And finally there is Terra Nitrogen (TNH). All i can say about this one is, its too bad the wayback machine can't take us back to when the stock was in the single digits!. This one is just unrelenting but when the pullback comes it will be sharp and fast. 10-15 point selloff in one day? Not impossible!

This morning stock futures are quite weak which to me is probably better than opening higher and closing lower but there are a lot of overhangs out there. Ten year is behaving at 5.06% Crude oil is lower and natural gas is continuing to sell off; under 7 bucks. No corporate news this morning but check the news that broke last night in the prior post on Atlas Pipeline(APL) which announced a distribution hike and K-Sea9KSP) which did buy up 2 companies and pre-announced a distribution hike. No upgrades or downgrades so far.