THANKSGIVING WEEK BEGINS

A holiday shortened week begins and MLPS are starting the week within striking distance at its all time high but also just sitting above its supporting moving averages. Today is 2 years since the 145 ish intraday low and we are 210 points above that today. Think back to this moment 2 years ago in the middle of the meltdown and ask yourself if you were really confident that in just 2 short years time, most of your mlps would be at all time highs?



We continue to worry about some of the headwinds that are out there, not the least of which is rising long term rates. But so far i appear to be the only on worrying because so far mlps aren't too worried. We're still trying to figure out where the tipping point is.

A couple of reads out there to take a look at. ETFdb has a pretty in depth piece explaining MLP etf's and how they work. If you have any lingering questions about them..this may answer them. This piece address the issue of MLPS being overvalued relative to yield and says they are..well..read the piece and find out.

No corporate news and no upgrades or downgrades this morning as we get it in gear for the open. Stock futures are lower now after being higher overnight. Bond yields are lower, the dollar is higher. Energy has turned flat after being higher overnight. Nat gas is on the verge of a short term upside breakout. But that market of course is only for the most nimble of traders.