APPROACHING MAJOR BREAKOUT POINT!
MLPS MARCHING ON!

The daily dow chart has been building a massive inverse head and shoulders formation and we are reaching the point of breakout or fakeout here around the 9000 level. And if this level goes i'm looking for a massive rally that will occur fairly fast so be sure to keep your seatbelts fastened.

Those of us who reside in MLP land have seen the wind at our backs since before last Christmas and our bull market continues uninterupted. The index is up nearly 37% ytd and add 3 distributions (im including the one coming up ) and you are looking at total returns well north of 40%. Glory!

I dont mention this one too often since it is outside of the oil and gas arena..well maybe it is really in the gas arena if you think about it. Terra Nitrogen (TNH) has put up earnings and announces a 2.22 distribution. Holders of this mlp would have been taken through the bear market unscathed but they would have endured a few rides on the roller coaster.

Stock futures are higher this morning as earnings continue to be supportive. Crude is a little lower but nat gas is higher by 6 cents. It is beginning to show signs of relative outperformance with respect to crude. When the gas crude ratio sits around 20 and at historical highs the valuation is about as stretched as it can be. I continue to be bullish on nat gas. Nothing on the upgrade downgrade list so far this morning. And i still am not able to find out what if anything was going on with Martin Midstream Partners (MMLP) which jumped 2 points on volume but with no news. Again if anyone hears anything please post it on the comments section.