ITS CHART TUESDAY!

Thought i'd post a few of my favorite charts...some are favorites because i like to look at them and not necessarily trade them...others i trade or own. And of course there are opinions attached to all of them. Its like looking at a painting and trying to figure out if it symbolizes mans inhumanity to man in an existentialist universe...or no it really is just a bowl of fruit!

The USO chart which is crude oil. Enough said here. Can't add anything new. Waiting for that correction that will just never come. UNG below is nat gas which looks to be pulling back into the moving averages. I might get interested here if the pullback takes us near the 89 day moving average (around 48-49). Watching for now.

Now here is a switch. Ths hated MLP looks much better on the charts..in my view. In fact i would say this chart look bullish. Constellation (CEP) has broken out of a base as of yesterday (on some decent volume).

Calumet Specialty Products (CLMT) which has gone from 50 to 11 without even stopping for a even a dead cat bounce...finally dead cat bounced yesterday by 2 points. I am inclined not to buy the first bounce but wait for it to pullback into the 11 area for a second time.

Linn Energy (LINN) has continued to carve out a nice W bottom in here and looks to me like we are headed for an upside breakout above 24.50 and if it comes on volume we might see 30 again.


No news this morning although this is an early post and we have no upgrades or downgrades so far. More later as headlines break.