THE MARCH TO 11000 AND 340 CONTINUE!

The almost deliberate, two steps foward 1 step back march continues and the MLP index begins the day at 313.00. The dow pierecd 11,000 last Friday and then pulled back just under it at the close. That drama is pretty much a done deal. 340 on the MLP index which is the old print high from 2007 is a bit more elusive but if the dow has another 1000 points in it, its not impossible that we could get there.

The weekly chart continues to be supportive so we'll just continue to enjoy the ride as long as it lasts. This week begins 1st quarter earnings and of course tax day looms Thursday (all done here and already got my refund). so it will be a busy week. Lots of chatter about the low volume rally but in the end its about price. Every bull marktet whether cyclical or secular has its issues people point to as a reason not to buy. In the end its about price. Low volume or not prices continue to rise. I still think the key will be the break out of the 10 year rate above 4-2.25% on a permanant basis. We got turned back again at 4.00 so for now the breakout reamins elusive. The longer the economy takes to recover the higher stock prices can go.

Our cycle of distribution increase announcements begins shortly and that will be a driver for mlps. With the market in rally mode i'm going to bet we'll see prices rise into the annoucements and then pull back after the news. This morning is quiet in mlp land with nothing on the news front and no upgrades or downgrades. Stock futures are higher by a touch this morning. Crude is down a little this morning and the dollar is higher this morning against most currencies.

I was in holiday mode last week so blogging was a little inconsistent. I should be back to normal this week.