FED MEETING HEADS TUESDAY'S AGENDA!

The fed will sit down today and pretty much state the obvious. While this goes on we had a nice move yesterday in the overall market and we have broken above the shoulder of the W bottom that appears to be in place.
It would have been nice if we could have done it with a bit of a volume spike but at the end of the day its about price action and prices appear to want to go higher. 10,900 is the next level to watch and then ultimately 11,200 is the high for the year and thats where we will look to see if this is the beginning of something big for year end or the end of another round trip in a trading range. I can't imagine the fed saying anything negative that the market doesn't already know about and if they announce another round of bond buying; well that too may already be priced into bond yields. My guess is, short term blips aside, the trend remains higher. MLPs appear to be in the mode of following the market along and are not at the forefront of the gainers as we have gotten used to for quiet awhile. The bull market in MLPS began in December 2008 so its coming up on 2 years when we hit that horrible intra day low at 145 and some change. We have more than doubled from there 331. Not too shabby!

This morning is quiet on the corporate side and we have nothing of consequence going on in the pre market for mlps. We are in typical end of quarter mode here. Stock futures are flat ahead of the open. Crude is lower but nat gas ticking up a few pennies this morning. Gold is down and so is the dollar ahead of the fed.