CRUDE OIL BREAKING OUT OF A BASE..
ENERGY COULD RUN TODAY!

The rally from the feds move yesterday has changed a few things overnight and one of those things has been a selloff in the dollar. This has in turn put a solid bid under crude this morning which has now broken out above the 50 dollar level and it appears that we are emerging from a base as shown by the USO chart. No such breakout evident in natural gas as we actually are still struggling not to make new lows!



I would think that energy stocks will run today as oil rises and this should put a bid under mlp stocks. Futures on the market as a whole are a little higher and there is a sense in my view that some optimisim is creeping in here. Barrons in their free tech piece yesterday points out that things may be improving and that the bear may finally be getting tired.

No corporate news items this morning and no upgrades or downgrades yet on the tape. I've been working this week so my apologies as blogging has been a bit light. I will attempt to post early this afternoon.