EITHER A LAUNCHING PAD OR A DIVING BOARD

That's the way it looks on this chart which is not of my making. So much focus is on the jobs number this morning which makes it sort of anti-climatic. Still it will be a mover. MLPs are looking at a 10 year under 4.50% which i think limits downside now that risk has been priced back in on the spreads. My own view on the MLP index is that the group made its bottom in August and we are base building.

Of course a retrest of the lows isn't out of the question if the overall market tanks or if another hedge fund unravels. Right now though i am siding on optimism.

This morning is quiet as most Friday's are in the group. No corporate headlines and no upgrades or downgrades so far. No headlines leftover from last night.

Meanwhile there is the always exciting Terra Nitrogen (TNH) which hit 122 yesterday..up from the August low of 66. Its been an almost straight up move.

We saw a reversal yesterday and a lower close. Nothing tragic here and certainly overdue. This chart was posted on the yahoo message board for TNH and the poster sees 105 as an entry point. There is also a small gap on the chart leftover from last week between 99 and 100 and i would not rule out a trip down to that level. Moving average support is just below that.

I am not recommending anyone trade this btw. It is definitely not for the faint of heart. It is fun to watch a stock with an extremely thin float of less than 5 million shares turnover that volume on an almost weekly basis!