UPTREND REMAINS INTACT!

There are no hard and fast rules when it comes to these sorts of things but when we look at both of these charts it looks like the uptrends are still holding although the Dow Industrial chart appears to be on the verge of breaking down. Now these are short term charts we're looking at and the weekly charts remain in better shape for now. The MLP index chart looks pretty good overall and we are at support now. The 55 day moving average has held on the last 3 trips down to that level; each of which was followed with a higher high. 300 is the top of the wall so far. Fridays sell off looked like it could have been some end of month type of action since it seemed a bit out of proportion to the rest of the tape and the selling came in around 2pm; reminded me of the selloff we had on options expiration day back in December and we got it all back the following Monday.

Earnings news this morning via Dan Duncan and Duncan Partners(DEP) and Enterprise Product Partners (EPD) which are probably priced in to a large degree. We still have a few mlps waiting for ex-distribution and that will come this week. No other earnings news. Markets are waiting for Exxon Mobil (XOM) which may drive energy stocks to some degree. Nothing on the upgrade downgrade list so far.

Stock futures are higher this morning ahead of the open as markets search for a meaningful bounce. 10000 is right underneath us and so far it is holding.

BTW sorry for the lack of posts late last week but i was in the land of double shifts with no computer access and its hard to blog from a blackberry! Back to normal working conditions this week.