THERE IS STILL ROOM TO MOVE HIGHER
FUTURES START STRONG THIS MORNING.

After we started the week with a 250 point loss we got it all back pretty much and today futures pre open are telling us we will be moving foward and strongly so. Off the morning highs as we wait for possible accounting rule changes for banks. Financials are leading in the premarket as well. The charts are interesting in that the Dow chart is still exhibiting that we are in a bottoming process and we can certainly take it up to 8250-8300 on the dow just to take us to the top of the channel that has developed.


The mlp index chart is in a congestion zone as the moving averages are converging in here and we could be setting up for a run back above 200. I would think if this dow rally takes to the low 8000s we should easily be able to take us back to the 205 top we reached back in early February.

European Central Bank only cut 25 basis points..some were hoping for 50. Dollar is selling off anyway against the euro but rising against the yen and nearing 100 yen again. No corporate developements for mlps this morning so far. No upgrades or downgrades either.

24/7 Wall Street has an oil and gas section you should bookmark to follow latest energy headlines. Goldman story yesterday on crude price targets. They are raising them.