ARE WE ON THE VERGE OF SOMETHING?

Perhaps. Take a look at the MLP weekly chart and you will notice that we are moving right along the recovery phase and its not impossible that as markets continue to rally higher that we could be heading back to the 260-270 area where we once upon a time a few years ago spent time there consolidating on the road to 340.

The mlp daily chart is showing us that the index is trying now to take out its October 2008 high and this is significant resistence. We seem to be continuing on the road to recovery and the trend is your friend until further notice. The dow is up 6 days in a row and we are up 9 days in a row on the mlp index. Sooner or later we are going to get one of those short and sharp downdrafts. But for now if it happens thats all it will be.

Okay this morning we have a distribution increase for Western Gas (WES) and after the close today look for earnings and distribution news from Sunoco Logistics (SXL) which has been pretty much standing still for the last few weeks. And of course we will monitor for any other relevant headlines. Nothing on the upgrade downgrade list so far.

Crude is up this morning and nat gas starts the day down by a few pennies. One of these days Nat gas will rally and rally strongly. Will it be the tropics that sets off the buying? Maybe. Maybe it will be the prospect for a very cold winter. NYC is experiencing its coolest July in 125 years and it is the second coolest on record so far. Stock futures are higher to start the day.