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Wednesday, January 05, 2011

Apparently the new congress must have passed a law banning sell offs because the overall tape just does not want to go down. Dow is up 45 after being down this morning. MLPS are a little higher on the index as energy stocks, which were lower earlier, are now a little higher on the day. Alliance Resource Partners (ARLP) and Natural Resource Partners (NRP) lead the way up major fractions. Coal stocks in general are up sharply today on a good demand outlook. Still think we are moving through the early January noise that is typical in markets.

Interest rates are at the highs of the day. The 10 year is at 3.47% and the 30 year is at 4.54% up 16 and 10 basis points respectively on the very strong ADP report. I would think at some point markets will start paying attention to this but we are not at that point yet.

Nat gas is having one of its sharp pullbacks today and its right into the moving average support area.

Also noting that the slope of the 34 day moving average is positive and beginning to crossover to the bullish side. Nimble traders can use this as a logical accumulation area however you must be nimble and this is not a long term hold.

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