WASTING NO TIME!

Its "breakout" time and yesterday's action puts the dow clearly up on the year and now we can by more time in this rally that began back in March. This morning we are going to have a bit of a Microsoft headache from their earnings but frankly the response here is really tame as when in rally mode any selling is met with buyers.
MLPS continue their march upward as well although we did pull back from the highs a bit yesterday. 240 is resistence and we are above it but we have not cleared it completely so its possible we could spend a little time consolidated in this area. Also for those of you who follow wave theory we could be at the beginning of a wave three move here. My view on all this technical stuff is that it works until it stops working. So for now we remain bullish on the markets and MLPS.
Friday's in mlp land tend to be rather quiet after the first half hour as we head into a summertime weekend. No news headlines this morning and no upgrades or downgrades. Boardwalk Partners (BWP) raised its distribution last night in a leftover headline.

Crude is a little lower and nat gas which just cant do anything right is up after yesterdays decline. Stock futures are lower which is no surprise. The nasdaq winning streak should come to an end today.