MLPS CONTINUE FIRM AS MARKETS STRUGGLE

We just sit above the uptrending support lines for the markets and mlps but mlps continue relative outperformance here as the index is at new highs for the move. MLPS in fact have been up the last 2 days with the overall market down. The broad Barrons piece over the weekend favoring yield instruments like mlps continues to influence buyers and my guess is that will continue for awhile longer.

Not much happening this morning. No breaking corporate headlines and nothing on the upgrade downgrade list so far. Nat gas has rallied nicely since late last week as very cold weather is set to move in to the US for probably the rest of this month. This could be the first real rally in nat gas that can hold and that could give support to nat gas mlps. Crude is up this morning after breaking below 75.

The month of December has alot of cross currents at work which makes trading difficult. I would expect this push and pull to continue. Watch those support lines as they have held since March. A break of them would spell trouble.