WEEK STARTING OFF ROARING!

Stock futures have been higher from the get-go at 6pm Sunday and we are at the highs of the morning up 135 on the dow industrial futures. Charts are looking more and more like a W bottom formation and we are moving above the moving averages again on the DOW. The mlp index continues to outperform as we are above the moving averages and poised to break 305 which is the top of the leg of the W. So it stands to reason that with a supportive tape we should head to 310 in short order and ultimately we will challenge that 320 high. No reason not to stay bullish.

Corporate developements this morning as low priced Crosstex Energy (XTEX,XTXI) continues to gather more assets which look to be accretive to cash flow. Should cause a pop on the open for this one. Otherwise we are pretty bare on the news front this morning. No upgrades or downgrades so far. End of month and end of quarter pressures will being to play into the game over the next few days so there could be some volatility in both directions so beware of that. However any downside spikes that occur could be nice buying opportunities.

Markets pre open are all solidly higher as mentioned early. Crude and nat gas are higher. BTW..looking at weather trends conditions could become more favorable for some sort of tropical storm developement over the next week to 10 days. This of course will be a short term driver for the energy complex. And of course there is BP and the Gulf of Mexico. Keep this site in your bookmarks for the latest on the tropics. European stocks are rallying and 10 year rates are rising as equities move up.

Found this over the weekend on Smart Money about mlps. It is another example of how we are no longer the best kept secret out there.