WEEKLY CHARTS AND WHAT THEY MIGHT MEAN

Thought it was time to look at the world through the eyes of the weekly charts and notice that we are only now beginning to turn positive on the 34 week moving average and they are only now beginning to cross. Good sign for the longer term. The resistence level on the mlp index at 260-270 is indicated but the dow chart has a wide opening for a ride up to 11,000 or so before we come across some formidable technical headwinds. Of course all this is subject to interpetation of the individual technicain and i respect all alternative views of this particular universe. But given the tailwinds and the positive seasonality its hard to fight this up move that will probably carry us through year end. 10000 looms and yesterday we tried on low volume which for me doesnt count. Look for a real solid push there over the next couple of days probably earnings driven. MLPS have energy prices supporting a higher move and 260 is doable this morning at the open.

News from Eagle Rock(EROC) as terms of their deal with Natural Gas Partners (NGP) get tweaked a bit. Waiting for market reaction. Nothing yet in the pre market but its early and pre market trading in our stuff is often pretty thin. At first look the deal looks a little better for Eagle Rock as they are getting an extra 10 million for their mineral rights.

Nothing on the upgrade downgrade list so far. Dollar is weaker..energy higher. Stock futures flat.