NEW WEEK BRINGS A HIGHER OPEN

Thought i would put up some 1 year charts just to see where we were just before Thanksgiving in 2008. Note that we were in the midst of a waterfall decline which bottomed on the MLP index at 145 and some change. I remember feeling doom at that point. That was the final bottom for mlps. The overall market however did not accomadate us for another 5 months when the dow went to new lows and just about everything else did not. Now here we are 70 or so percent up from those disastrous levels. And where will we be a year from now? Who knows? For now the dance continues higher with 2 steps foward one step back pattern. MLPS have not broken out to another new high but that could be resolved pretty easily. On the otherhand at this point we should keep an eye here in case we are at a point where the market will keep going while mlps start to lag behind..in other words the opposite of what evolved from this time last year. Not prediciting this yet but this 270 level on the mlp index is something we should watch.

Nothing on the news front and nothing on the upgrade downgrade front. It looks like the potential for another strong Monday at least here at the open with S&P futures up 10 points. Energy is up including nat gas. The dollar is down and gold is up. So everything is on autopilot until proven otherwise.