JUST ANOTHER MANIC MONDAY!

Any guesses out there about what oil is doing? Up again of course which is the only way the oil trade works these days. One of these days this manic move will correct but so far...not today. MLPS meanwhile continue to just follow along in constructive fashion. Most mlps continue to put distance between their current price and their 52 week lows. And the chart of the index itself continues to build what i think is a long term bottom from which we can rally nicely. But in this group the paint tends to dry very slowly but we get paid nicely to watch it dry.

USO is a proxy for crude oil and the chart speaks for itself. UNG is the nat gas proxy and that is also in bullish mode. Discouraging at 4.09 a gallon here in NY.




Btw if you really want to see inflation head to the supermarket where a 1.75 quart of ice cream (not even the dignity of a half gallon anymore!) can run you close to 7 bucks!

Nothing on the headline front this morning but we do have Lehman upping its target on Boardwalk Partners (BWP) to 28 from 23 while keeping it at equal weight. Wachovia upgrades Teekay Offshore Partners (TOO) to outperform from market perform.