DONE DEAL BUT NOT

A PRETTY PICTURE

Charts aren't exactly getting one's heart racing. The gasbags in Washington have completed the deal. The question for MLPS is whether pressure comes off the credit markets to take some of the pressure off MLPS. Also we have the locusts decending on Wachovia this morning with the stock trading with a 3 handle down from Friday's close around 10 bucks.






What is interesting on the charts to me is they had every opportunity last week to take 'em down 1000 points and down to 10k on the DOW. Didn't happen. Also note that on balance volume which is a running total of up volume minus down volume is actually increasing in here. So as grim as things look this morning on the dow and s&p futures i haven't given up hope yet.

Here is a bit of news on Ferrellgas (FGP) which puts up in line earnings and says they expect record EBITDA for 2009. I'm sure the market will yawn because that's the way things are these days. No other earnings and no upgrades or downgrades.

Crude and Natgas are on the decline this morning by large amounts...crude off nearly 4 bucks and gasoline is down 10 cents. This weekend i took a delivery of heating oil at 3.75 a gallon. This plus my new Peerless Boiler and hopefully my oil bills go down this winter. BTW winter forecasts will be due out soon and i'm sure we'll have market reactions to that.

It doesn't help that Europe is falling apart with bailouts for Britian's largest mortgage lender and bailout for Fortis. Of course the European central bankers continue to sip their espressos and planning their holiday in the South of France. Heaven forbid they should ease.

So that's pretty much it in a nutshell this morning. But lets not give up hope just yet. What else is there?