ROLLING RIGHT ALONG, MORE EARNIGNS
& CRUDE HEADING TO ?

Thought it was time to take a look at the Dow chart and the MLP chart but this time we are looking at them on a weekly basis and i changed the moving averages to 144,200 and 233. Notice just how far below the 200 week moving average we are!


Also a bit disturbing is the fact that the moving averages are laying on top of each other and beginning to cross to the downside! 200 weeks is almost 4 years! And think about the fact that this rally has taken us back very little when you look at the chart in its entire context. There is still so much headroom that the dow can get to over 10,000 and we would still be below the those longer term averages. We need to keep this in mind. If this rally should end and the selling resume i won't be a big surprise. But we will leave that for another day. For now prices still want to go higher. The same holds true for the mlp index but we only have to get back to the 240 level which is 15% higher from here.

Earnings this morning from Holly Partners (HEP) which just completely its stock offering and we also have earnings from Exterran Partners (EXLP). There are other earnings due out this morning and after the close. Also last nights earnings news posts are on the twitter bar on the side.

Crude is up 1.60 this morning and nearing 58 dollars. That breakout above 55 was important and now buyers are adjusting to a new trading range. Looks like we should make a run for 60 bucks short term. Stock futures are higher this morning ahead of retail sales and stress test results which are due out later today.