THE MARCH TO NEW
(ALL TIME ) HIGHS CONTINUES

A three point down intraday move turns once again into an up close. Suck is a bull market and i think the odds of going to 340 and all time highs on the MLP index are increasing. Frankly when you adjust for distributions; if you were in the right mlps and avoided the sinkholes, you are already there. And congratulations if you can say "what bear market?" I have one account i trade that is back to within 5% of its all time high value and 2 others that are about 85-90% back.

Some news items this morning. Duncan Partners (DEP) continues to re arrange the chairs after the death of its founder Dan Duncan. And the parade of distribution increases continues with Spectra Energy Partners (SEP) upping the payout, William's Partners (WPZ) hikes its distribution, Boardwalk (BWP) raises by 1/2 a cent but no increase from Markwest(MWE) which leaves their's at 64 cents.

We like to keep our eyes on long rates and TBT which is powershares double long yield on the 20 year continues to trade in this remarkable and relatively predicitable trading range which translates to 3.70 ish at the bottom to 4 at the top. And once again we came down to 3.70 yield and it looks like we could be en route to another run to 4%. One of these days 4% will go but for now its been a great trade to buy TBT in here and sell the nearby 50 calls when the stock gets back up above 49..and then buying the calls back when the stock falls back to 47. Whats even better is that premiums rise in the options as the stock price rises which is great because you get to sell when premiums are large and that gets squeezed out on the decline. Not a bad way to generate some income. As far as mlps go..that march to 340 can continue i think as long as long rates continue to behave.