INTERESTING WEEKLY CHARTS!

Thought i might take a look at the weekly charts here to get a sense of where we are and where we might be going.



First off notice that the moving averages that i like to use which are the fabulous Fibbonacci numbers of 34,55 and 89 are still inverted. Of course we are looking at weeks here but only now are the 34 week moving averages beginning to cross over. Of course the daily charts have done this awhile ago. Implications? Well for one thing it shows you just how much damage was actually done and that it has taken us 1 year to get back to 250...and we need to get back to 270 to be even with early August 2008. At least we have taken back September levels. It is of course going to take longer for the weekly charts to repair themselves then the daily but it is still telling us that the longer term trend (out a year or so from now ) may not be up. Still forever optimists we continue to ride the rally that began in March and it goes for however long it goes. The path of least resistence remains higher. MLPS broke out above 250 yesterday which is significant and argues for a move back to 270. This will probably be co-incident with a dow move back over 10,000.

We're up .70 on the mlp index so far today as we consolidate a bit from yesterdays market gains. Energy continues to lead and nat gas is holding up very well today after inventory numbers. They could have sold them down on the news just for the sake of profit taking but they haven't so far. Most mlps showing fractional gains.Exterran Partners (EXLP) is the biggest winner so far up 70 cents. Sunoco Logistics (SXL) is down 80 cents as today's biggest loser.

No corporate developements today of importance and nothing appears on the upgrade downgrade list for the time being.