MONDAY AFTER THANKSGIVING AND DUBAI!

Took the day off from blogging Friday but did have my eye on things. MLPS came off Friday only a small fraction in the end which considering the market and the news backdrop was an excellent performance. Nat gas was up sharply and that may have leant a hand but crude was off over 3 bucks. The overall market looked like it was going to crack after the first selling wave but it held its own as the Dubai news took hold. Funny thing was that news hit the tape mid morning Wednesday but nobody seemed to pay attention until Europe sold off the next day.

Earnings news from Inergy LP and Inergy Holdings (NRGY,NRGP) and they are record earnings with 2010 guidance to be discussed this morning in a conference call. No other headlines this morning and nothing on the upgrade downgrade list. Stock futures were higher overnight, then turned lower and are now turning higher again. Crude is flat and nat gas is down about 17 cents after Fridays big gain of 35 cents. General feeling to me is Dubai right now is just another buying opportunity. Until the uptrend line is broken in this 2 up 1 down pattern we're in, there is no reason to change strategy. Last day of the month and then the last month of the year begins with its usually round of year end distortions. Looks like we will be opening a little higher.