RELATIVE STRENGTH CONTINUES!

Futures are sharply higher this morning pretty much undoing the Bernake damage yesterday. The market wants to go higher and its good to see the reversal on the face of yesterday's testimony. But lets take a look this morning at the mlp chart and notice that the uptrend continues as we march on the road to 340. But we are getting a bit extended from the support below and if you look along the uptrend, there have been a number of these sharp 1 or 2 day drops that come down to support and bounce right off. Im thinking that we could get one of those drops come next week when we get that mass ex distribution exodus that almost always happens. This distribution cycle is coming with the addition of 5 etf's/etns that have become part of the trading world. Would not be at all surprised if we see a pretty sharp down move but meanwhile 340 and all time highs loom large and its quite possible we'll see that first. Im also wondering if on a big rally day if we get one that we might see some sort of huge pile on.

Moving along this morning we have nothing much corporate wise going on and nothing on the upgrade downgrade list so far. Europe is up on good economic news, rates are flat and energy is up so far.

Love the fact that i can post from my phone now with relative ease so i will be putting short posts up from time to time during the day. Makes my life easier!!!