BASE BUILDING CONTINUES
DCP MIDSTREAM COMES ALIVE!

A 24%+ yield and an indication of the distribution being safe and you actually can have an mlp go up.

DCP Midstream has rallied from 6 to 10 in a hurry and the stock is bidding 10.40 this morning pre open so there is more upside in here. And MLPS can probably rally nicely in here as long as the overall bear market rally we are having remains intact.The base is continiung to be extended in here and 9500 looks like the top of the range. A break above that would be signifcant but thats 700+ points from here. Lets get there first.

What has been encouraging late have been the down days are not getting followthrough and this morning we see stronger futures ahead of the open. Meridith Whitney, bank watcher extrodinaire, has been spot on with her calls on the financials was on CNBC earlier and remains bearish on banks so the futures have pulled back.

No corporate developements and no upgrades or downgrades so far. Crude is up 2 dollars this morning as oil holds that 40 dollar level. MLPS did well yesterday holding up in the selloff and outperforming the overall market. Hopefully that is a sign.