WINNING STREAK BROKEN,
SO LETS START A NEW ONE!

Okay lets be honest here, no one expected the mlp index to go up every day without some sort of correction. We got one yesterday and the magnitude continues to suggest to me that the bull move remains in tact. At one point yesterday mlps were down 8 points to 225 before getting some of that back to close over 228 and above the 227.02 November high. The overall marekt continues to behave like a bull where sell offs are sharp and short and bring in new buyers. Stock futures are up this morning as are energy futures. Crude and nat gas took sizeable hits yesterday but so far there is no followthrough selling.
Its another early morning post as i am teaching today so i will be shut off from blogging but i will update via twitter when i can. Remember to check the sidebar for those quick tweets and you can follow me of course on twitter if you wish by clicking on the twitter link to me.

We have no news so far this morning and nothing has appeared on the upgrade downgrade list so far. Got a question yesterday about my nat gas position so i put before you a chart of the UNG.


I think we have broken the downtrend and we are now in a sideways mode bounded by 13-14 at the bottom and 17 at the top. I sold my position the other day above 16 as i made 2 quick points but i am still bullish and i bought back the entire position over the last 2 days so i am long and in fact i bought more this time so i am extra long. I am looking for another move up toward 17 and eventually a breakout above that which opens the door to a trip to 20. As always just my lil ol never to be humble opinion.