MLPS MOVE HIGHER AT OPEN!

Nice first opening half hour move above 333 as we make baby steps toward the year high of 335 and some change. Overall market still digesting yesterdays fed meeting and statement hinting at more ease coming. Dow ran up earlier but is now down 22 points. Headlines driving Enebridge Energy Partners this morning as the company comments on lawsuits from the Lakehead oil leaks. They say no impact to distributions and the stock is up 48 cents at the moment. Nothing else on the corporate news front this morning so its basically looking at fractional moves in either direction of no big consequence. Surburban Propane (SPH) continues moving higher by 60 cents as the days biggest winner and its at 52 week highs.

Bond yields are moving lower this morning as the feeling sets in that interest rates may never rise gain. Meanwhile MLPS need to make a decisive move one way or another. Add the fact that end of quarter approaches and you have the ingredients for some volitility. The path of least resistence continues to remain higher and new all time highs on the MLP index will occur if the overall market extends its reach to new highs for the year, around 11,200 on the dow.

Not often that i put a chart up of Exxon but its the big boy among the energy group and the chart certainly looks like that trip down to 58 was a door opening to the bargain basement. This one could emerge as a nice leader overall going foward. Not a recommendation here but a break above the neckline at 63-64 could mean a trip back to 70 is coming.