BASE BUILDING!

Or maybe freebasing...i don't know. The chart looks that way or maybe its the medication. Still basing is a process and a long and frustrating one at that getting bulls and bears pissed off. Sometimes it looks like a breakout and it doesn't...or it looks like a breakdown...and it doesn't. Still the chart has taken on a bit of different look here as it evolves. I think you draw a line around 260 and another line at 275 and thats the channel we are in and likely to stay in for a bit.

I've put charts of the Nasdaq Composite up this morning. Interesting that those charts look like they have put in complex "W" shaped bottoms and in fact the nasdaq is close to breaking out of the top of that formation.

These 2 charts could be signalling that the broader market has bottomed and MLPS might be able to get pulled along a small stock rally if it begins to gather steam. Something to watch.



Yesterday was a nice day in MLP land with a 2+ point gain and we start the morning near 265 and it looks like an up open right now with stock futures stronger and energy markets flat to a little higher. No corporate developements and no upgrades or downgrades on the list at least so far.

Check back to last nights posts as there were more insider open market purchases in a few issues. Lots of insiders have been stepping up to the plate in the last 2 weeks....more so than at any other time in the last few years. With yield spreads at 700 basis points and @ an all time high...are insiders signalling that enough is enough? We always try to put the face of hope in the forefront.

Its all about jobless claims and CPI so lets see if they behave themselves...and if they do we could see some more plus signs in MLP land.