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Tuesday, May 19, 2009

RALLY ROLLS ON AS UPSIDE TARGETS NEAR!



The trading action of the last few weeks continues to signal that the path of least resistence remains higher. The dow looks like it wants to test the year high on January 2nd of 9000k and the 200 day moving average which is decending at a slower rate and sits below 8900.


MLPS meanhwile are above the 200 day which has turned flat and we can head 10 points above there to take us back to the November 1st high around 225. Wind remains at our backs and the index is higher by 2 plus points today as we march toward lunchtime.

The vast majority of mlps are fractionally higher with Enbridge Energy Partners (EEP) and Natural Resource Partners (NRP) among the bigger winners today up 75 cents or more.

Crude just broke out above 55 dollars last week and it looks like it wants to take out 60 in here which would be the next key level. Traders are happy with this stair step rise thats been in place there. Nat gas remains underwater for now but that could be in retest mode here. Watching carefully.

No corporate developements this morning and no upgrades or downgrades moving any individual mlp issues so far today.

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