COULD BE AT A CRITICAL JUNCTURE!

Funny when you look at the charts that we seem to trade into these technical areas that are so important without realizing it until we get there. There is a fed meeting today with a 2:15 announcment coming and there could be an important move coming out of this. The dow industrials are sitting right on the uptrend line so it could be a do or die move here.

The mlp chart is in a different place as it continues not only to hold up well but from a relative strength basis has even corrected with the dow off the 10,700 high from last week. Distribution hikes have been robust in some instances; just take a look at Inergy Holdings from yesterday with a 3 point gain on a 8% quarter over quarter distribution increase.


The ten year has come into an area of strong support on the chart as yields have gone from 3.90 to 3.55 since Jan 1st. So my guess is that markets are going to want to go higher which means i will predict a rally in the dow and 10 year yields later today after the fed announcement. (potential for a famous last words momment !)

Back to mlp land we have a distribution announcement from Regency Partners (RGNC) on the tape this morinng. There is some stock for sale at yesterdays closing price which may or maynot mean anything. Williams Partners (WMZ) announced its distribution last night and is pre announcing a 2 cent increase for Q1 which is line with its recent restructuring announcement. Nothing on the upgrade downgrade list so far this morning. Crude is lower. Stock futures are hovering near the unchanged line after being down sharply overnight.

Fasten your seatbelts people..could be an interesting day ahead.