LUNCHTIME MELT UP!

We are rapidly approaching dow 11,200 here with the market up 124 on the industrials and mlps up a touch under 2 1/2 points here and over 351.


There appears to be a bit of a buying panic going on right now in some issues and energy especially has done very well these last couple of weeks. The question of course will be what happens when we hit 11,200 here and for mlps; we are getting awfully extended in here as we are reaching a point where we should pull into the 34 day moving average. But i'm not fighting the tape. Speaking of not fighting the tape we should perhaps look at these other charts and see what we can figure out from these trends.



There appears to be at least a short term bottom in the 30 year yield which makes sense considering the stock market's rise. So far its nothing more than a short term bottom and a trading rally but the key level will be 4% and whether we can decisively break through there. Also notice Exxon which has been in the dog house for months is emerging from a similar base that the dow has formed so it could be that Exxon is emerging as a leader here and 70 would be a key level to watch. Some nat gas stocks look like they want to rally. Nat gas shows nothing encouraging other than a short term bounce.

Oneok (OKS) Natural Resource Partners (NRP) and Plains All American (PAA) lead the way today up strong fractions to a point. Atlas Pipeline Partners(APL) is doing quite well in here as it cracked the 20 level for the first time in nearly 2 years. The company did say it plans to bring back the distribution this quarter and we will know about this soon enough. Crosstex (XTEX) is another one that plans to bring back a payout this quarter. Almost the entire group is higher. No notable losers. Holly Partners (HEP) and Alliance Resource (ARLP) are down fractionally but none of this is news driven.

At the highs of the day right now with afternoon trading about to begin.