LOOKS LIKE A BREAKOUT?

We've been talking about that 300 level and we know have pushed above 303 and we continue to outperform the broad market. So it looks like we've broken out to a new upleg. I say looks like because i'm still a bit nervous here and the overall market is still within its 9800-10700 ish trading range. Still the action in mlps remains bullish as yields continue to come in as the spread normalizes back to what use to be normal.. about 3 points above treaasuries. So im bullish but short term i have my eyes on the exit door. And dont forget next week is options expiration which in the last number of months has produced some big one day moves. You can probably thank the mlp etn's and closed end funds for that action. So far those sell offs have all been buying opportunities.

Breitburn (BBEP) partners are due out at any momment and investors will be paying particular attention to the borrowing base issue, the possibility of a secondary, and comments about the soon to be reinstated distribution. This could be a mover today one way or the other. No other headlines this morning. RBC is raising the price target from 20 to 25 for Vanguard Natural Resources (VNR). Its just about there now.

Markets are a little lower this morning but not by much. Crude is lower and so is nat gas. Euro markets are down this morning. Tension on the tape is building again in this low volume tight daily trading range enviornment.