PRICES REMAIN FIRM...
250 IS THE NEXT WALL FOR MLPS!

I put forth the possibility that we could be seeing a trading range developing between 230 ish and 250 ish on mlps which would make for a nice sideways consolidation from what has been a very good 2009 (granted its off 2008) and now its time to test the top of that range. The dow is breaking out above 9600 and now it seems we could make a real run to 10,000 on the dow.

Fridays in MLPS are never exactly a river of corporate news and today is no different really. Plains All America (PAA) is done with its secondary and if your bought the new issue at 46.60 you are already in the money! That action speaks volumes here that secondaries in our group are being met with demand and then higher prices. Its a measure of bullishness. Nothing on the upgrade downgrade list.

Nat gas staged a powerful rally yesterday with a run of 40 cents and back over 3 dollars. The UNG chart looks like its in one of those technical rally modes so there could be more upside here. But nothing on the chart suggests anything other than a bear market bounce is underway. Still it appears sellers may at least be temporarily out of firepower and that the path of least resistence for now is higher. There is still the issue of the UNG premium to net asset value. It is down to 10%. Im still long but i would not use this to initiate a position in nat gas until the CFTC decides one way or another what it plans to do about position limts. Ultimately its all about what nat gas does from here.