NEW WEEK BRINGS LOTS OF QUESTIONS

The mlp index had a very good week last week while the overall market churned back and forth. Notice the MLP index seems destined to challenge that 300 rally high reached a few weeks ago. Im still concerned about whether that will become the top of a trading range so we will watch the assault on that level this week and see where it takes us. MLPS continue to clearly outperform the overall market which began almost 15 months ago. Meanwhile it seems to me that the dow chart is looking like it has a more formidable challenge as its chart is looking more and more like that of a trading range bounded by 9800 at the bottom and 10,700 at the top. Moving average support is holding here for now. This is going to be a very important week indeed.

Back to the MLP index above is the weekly chart which is sitting above support but note that 300 is a wall that goes back to the 2007-2008 time frame so there is alot of money here that has a chance to get back even if they sell. So headwinds are around. Not insurmontable but it will be something to deal with.

Overnight stock futures were higher along with crude oil. The dollar is holding against the euro at least as of this post. I am posting early since i have a busy day ahead. Some weekend news notes. There is this item from Reuters on the upcoming IPO from Chesapeake (CHK) of Chesapeake Midstream LP. This will be another one of these LP's that has lots of support form the parent company. Powerful parents can be very supportive of the offspring according to this piece. Of course this assumes that the parent stays well. And there are some who accuse the parent of robbing the shareholders blind. Both pieces are worth the read. Seeking Alpha had this piece on Breitburn Energy (BBEP) a few weeks ago. There is some bullish opinion being expressed here.

The earnings parade is dying down but Martin Midstream Partners (MMLP) will announce earnings this week on Thursday. There may be one or two others that might not have announced but the bulk of them are done.

Taxtime is approaching and K-1s are arriving or have already been posted. Here is a link with some info regarding certain issues. Its a helpful beginning to coming to grips with how to deal with Uncle Sam.