EARNINGS, ELECTIONS, EMPLOYMENT AND RATES!

I tried to make the headline all "e's" but the rates was the killer. However these will be the driving forces this week that will resolve the extremely tight trading range we've been in for almost 2 weeks. This is especially evident in MLPS which have been in a straight line range and Friday we closed above 353 which was a new all time high close for the index. The correction to the moving averages has not occured the way it has earlier in the uptrend. It seems that much will be resolved this week with the tremendous tension that is on the tape. And the coming move is likely to be big. I'm not sure which way. My instinct tells me down which means that it will probably be up!

This morning the news is sparse on the corporate side for MLPS. JP Morgan ups the price target on Capital Products Partners (CPLP) to 10 bucks while keeping the stock at a neutral. Overall market stock futures are higher but off the highs of the morning. Rates start the day lower. Energy is higher led by nat gas of all things! Metals are flat to a little higher.

Friday was the last day of the year for mutual funds which could be the reason why mlps ran higher in the last hour. It will be interesting to see how much if any of that gets undone today. I guess i lot of funds wanted MLPS in their portfolios for year end!

Btw for the election here is the lastest from Real Clear Politics as far as the House of Representatives goes. You can click on the links to the senate which lie just above the numbers.