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Friday, January 07, 2011


The big employment numbers gave a little something for everyone and futures started flat, moved around a little, and now are a little higher as we head into the open. So now that the broad news item is out of the way, markets will being to look around for another catylist, and frankly im not sure what it will be. The charts continue to be pretty tough to figure with this very tight range and upward bias that has gone on for a month. Needless to say that if stocks rally today, MLPS have a shot at making new all time highs. Interest rates are behaving this morning so far so no worries there, at least so far today.

Nat gas pulled into its moving average support yesterday after initially rising after the inventory numbers. Apparently everyone was long going into the number so the selling took hold. But if those support lines hold, it will further support the contention that the bottom is in, and we can run to 5 dollar gas (6.75 UNG).

No news this morning on the mlp front. A lot of coal stocks are on the upgrade downgrade list as anal-ists adjust targets but no coal mlps are mentioned. Nat gas is flat after being down earlier. Crude oil is higher. The open is straight ahead.

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