STILL WAITING FOR BREAKOUT OR FAKEOUT!

Hesitation is occuring near the tops here for both the MLP index and the dow industrials. Anyone who bought last April is now pretty much even (assuming you were in the right stocks) so there is hesitation. Its no surprise. What is surprising here is the increase in volume that has occured going into this top and while it is encouraging that volume is picking up here; if it doesnt go through 11,200 soon one might have to view the volume as a warning sign of a double top. These things are never easy. MLPS on the other had continue to do the stall here just off its high and its conceivable we could make a new high here today. But a correction to the moving averages has to come soon if the past pattern is any indication.


Earnings and distribution news came from Kinder Morgan (KMP) which of course came with a distribution hike. Suburban Propane (SPH) announces an increase in the distribution as the stock trades just off all time highs. TC Pipelines (TCLP) increases the payout. And Oneok LP (OKS) also increases the payout. No shockers here. The beat goes on.

Just about ready for the open which looks higher but nat gas is taking a hit (what else is new) ahead of stocks numbers at 10:30am. It might be selling ahead of the number which may be setting up for a reversal. Crude is down 65 cents and euro markets are higher.