THE MARCH UPWARD CONTINUES!

We are getting very close to 270 on the MLP index which would give us a 95 point gain on the index for the year or up more than 53% and that's without distributions! I have been mentioning this level for quite awhile as important for a number of reasons. This was the area of the old base that extends back before 2007 and it also was the place of the great breakdown last year which took us down eventually before 150. Its my sense that 270 may prove not only tough to get through but it would be a logical place to turn sideways for awhile. I'm not married to this position completely but it does seem logical. I will be accessing the situation of course for myself and since i hold long positions as well as trade these things , i may be looking to lightening up in here a bit. One thing to point out however is the tail winds are strong and with the end of the fiscal year approaching for mutual funds (next Friday) i think the path of least resistence remains higher.

Not seeing too much in the pre-market this morning. Crosstex (XTEX) is purchasing an NGL processing plant for 42 million. The stock is approaching a 7 handle. Thats pretty much it on the news front. Distribution announcements have been coming at all times of the day so i will be watching. Stock futures will start higher today with terrific earnigns and outlook from Catepillar and Apple. Energy is flat but nat gas is about 8 cents higher as it nears 5 bucks again.