DOW INDUSTRIALS VS THE MLP INDEX
WHICH IS LOOKING BETTER?

I usually put both charts up side by side to give us perspective in both directions. So when looking at these charts which one looks better. Well to be perfectly frank neither one makes you want to shout for joy. The mlp index chart to me looks like much more of a base building type look. What concerns me about the dow chart is that we have been on this rally phase since mid March and it seems almost reflexive here rather than anything coming of a solid base. If we on the other hand look at the dow chart in its entire view, i suppose you could argue that we have been building a base since the November lows. I would like to see at least an attempt to take out some of the highs sitting above us before getting to excitied. I think we're vunerable to another sell off at some point in the overall market. The mlp index chart however has been in a mode where we've been making higher lows and we need to decisively take out 206 on a close to make a higher high. Not there yet but we are trying. 220 remains the key level above us.

Its only half a cent but Natural Resource Partners (NRP) hikes the payout. At least its something. No other news items this morning. Stock futures are flat to a little higher and crude is higher by just under a buck at this time. Interest rates on the 10 year are approaching 3% and this is a level we need to watch. A push above that level could be a signal that the flight to quality continues to ease as we take the credit markets on their very slow path to normalcy.