SHORT TERM BOTTOM (YET AGAIN?)

Laying these 2 charts side by side lately has been interesting since it seems we've been in the push and pull from day to day. The action yesterday on the dow smelled of a bottom as they were swinging back and forth looking into the abyss several times and finishing up on the day.

The MLP index continues to trace out its base out of a triple bottom and we have moved above the 34 and 55 day moving averages for the first time since late October. The next thing to look for is for the moving averages to cross over and turn the slope positive.



Meanwhile on the weekly chart some of the technical indicators have turned positive since they went to a sell in July. And then we have 2 MLPS yesterday breaking out on the charts. Kinder Morgan Partners (KMP) and Markwest Energy (MWE) both at 52 week highs (when adjusted for distributions). These 2 could be leading the rest of the group out of this mess of the last 6 months.




Stock futures are stronger this morning so we should have an up open. Energy is higher across the board as oil rebounds from yesterday's 3 dollar drop. No corporate news and no upgrades or downgrades.