SEPTEMBER STARTS HIGHER!

One way to look at this is that is there anyone out there that doesn't know that things absolutely suck out there in the economy. Is there anyone left on planet earth who thinks the employment numbers on Friday are going to be good numbers? It just could be that there is so much negativism out there that the markets may do the only thing that makes sense...go up! And at least this morning as we start what can often be a nasty month,

The dow chart has been carving out something here though i am not sure what. It looks like a long complex triple bottom on the daily chart or some sort of inverse head and shoulders pattern with the shoulders looking as if they are shrugging; which is apt considering the sentiment. Or maybe we are in a trading range thats developing with the top around 10600 and the bottom at 9900-10000. MLPS on the otherhand look much better but we still haven't resolved the diving board or the launch pad that is being built here around 318-320.

So let the games begin with stock futures up over 100 points this morning. Rates are a little higher and the dollar is lower. Crude was down 3 bucks yesterday to 71 bucks and we are bouncing higher this morning with higher stocks. No corporate headlines in MLP land and no upgrades or downgrades so far.