STEAMROLLER RALLY CONTINUES
AHEAD OF JOBS REPORT

Yesterday i posted weekly charts of the Dow and S&P index to show just how far down we are and how far we have to go just to get back to 4 year trendlines! The lesson there is that these markets can go pretty far and we would still be in the context of a long term bear market. Today lets look at the daily charts for some short term perspective.



These charts are signalling different things. The dow chart needs to run to almost 9000 to get to the 200 day moving average which is still decending but flattening out. The mlp index however has crossed its 200 day moving average only to close just underneath it yesterday. We have not been above the 200 day moving average since August of 2007. So after almost 2 years in a downtrend we may be seeing a reversal here which will have positive longer term implications. But markets will be markets and this is opinion and not a law of physics!

Stock futures are soaring this morning ahead of the employment numbers as the bank stress test is overwith and apparently the results made the market happy as far as future capital needs. We have some MLP earnings news on Crosstex LP (XTEX,XTXI) which has doubled this week ahead of these numbers. Of course thats from 2 to 4. Cheniere Energy (CQP) puts up earnings this morning as well. DCP Midstream posted last night and called their results "solid" which is nice to hear.

Dow futures up 105. Crude back up and at58 bucks. Looks like the employment numbers will be shrugged off unless they are worse than forecast. MLPS should rally with everything else. Yesterday's 3 point drop not a surprise considering the up move. Remember we are in bull mode for now so corrections will be sharp but short lived.

Has a colonoscopy yesterday which i posted "tweets" on the sidebar. I scoped clean and clear and i'm good for at least 5 years. Guys if you haven't had it done its really easy. The prep is the worst part of it as you clean out your plumbing the day before but the actual procedure is nothing. They knock you out for about 20 minutes and its done. No soreness afterwards, nothing! 24 hours of crap for peace of mind. Well worth it.