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Thursday, December 30, 2010

MORE OF THE SAME!



The paint dry process continues as the action has been so so boring but at least its been with an upside bias. In fact there have only been 3 down days all month which is pretty unusual. How much of this have we borrowed from next month im not sure. A couple of markets that have been quite active and fun to watch has been nat gas which again had every reason to go down yesterday and closed flat and at the highs of the day. This is looking more and more like a triple bottom to me and today's inventory numbers might provide the surprise needed to take this up toward a breakout.

The rate market has been another place where the faint of heart need not apply. The last auction of 2010 went well and bonds rallied sharply yesterday from 4.55% TO 4.40% on the yield. But it appears that this was just a one day rally because we are back up to 4.46% this morning. No followthrough to yesterday so i think the next stop here is 4.50 and the a move to new highs in yield.

MLPS have been participating in the slow melt up along with other energy stocks and i see no reason for this not to continue. No news this morning. There might be some upgrade downgrade stuff going on. Im waiting for confirmation. Year end nonsense continues and look for perhaps some odd moves to occur here between today and tomorrow's close. Europe is done after today and i believe Asia is mostly done as well as they take off New Years Eve.

1 comment:

flash said...

NGLS has quietly had a much more than a melt up--no news either