YEAR END RALLY

CONTINUES IN MLP LAND!

I figured it was time for a long and short term chart look just to set some perspective and you'll notice that in the longer term chart we have been in this corrective phase since August but look at the end of 2005 and its almost a carbon copy.


Back in '05 the rally began on 12/24 and it lasted into the mid Feburary, followed by a pause and then another leg. In total it was an over 30 point move from low to high or about 16%. Its never exactly the same but for laughs a perfect repeat performance would take us from the 290 low to possibly back to the old 342 high. Maybe a stretch but in the meantime we've turned and the path of least resistence is higher for now.

Short term the chart is bullish as we have come off a triple bottom and the first line to get through would be the 310-313 level on the index. Yesterday's action was impressive with the morning spend backing and filling and then the buyers arrived with both hands in the afternoon as we closed with an almost 3 point gain.


This morning we have some pressure due to geo political issues with the death of Bhutto in Pakistan. But we are in our own little world so after the open we should see the rally continue.

No news this morning and no upgrades or downgrades so bring on the open.