ITS GO TIME!

Surrounded by Jets fans so i will use one of their sayings. Markets are in full blown rally mode this morning with stock futures up 15 s&p points. So the base held yesterday even with the late day fade. Still they have tried and tried to take the market down below support with no success at all. MLPS have held up quite well through all of this.

The uptrend remains intact and we didn't even come close to seriously testing the underline support and uptrend lines. So the question then becomes can we break out to new highs?

Bond yields on the long end are in an uptrend. Support was successfully tested yesterday and the moving averages are now slopping positive and completing their crossing. This morning the flight to quality trade from yesterday is being undone and we are near 4.20 this morning after being down to 4.05 yesterday intraday. At some point rising yields will be come a serious headwind but we are not there yet. Also i think MLPS will lag today as they usually do on days when the markets are enjoying big rallies. Its just easier and sexier to be in the more recognizable names.

No news and no upgrades or downgrades in mlp land. Crude and nat gas are up. The dollar is down and world markets are in rally mode as well. Euro woes seem to be taking a back seat today. Also going back to the overall market, the fact that the market could not sell off in the teeth of what is going on there with soverign debt is a good indicator of internal strength.