FIRST TRADE OF 2011!

MLPs are going to open higher this morning and probably at least tick to new all time highs, at least during the first hour. The sideways consolidation of the last couple of months against the top of the range and with strong futures heading into the open this morning, its pretty much a no brainer that we could open close to 366 and go from there.

The dow chart is a little more ambiguous since we have been on a slow melt up since mid December and i just wonder what happens after the strong open today. Are sellers who have been asleep since mid November arrive to take some profits? Or does the run continue.

The easiest chart in the group as far as i'm concerned is nat gas as we have a triple bottom in place and nat gas is trading up 3% right now. That puts the UNG up around 6.20. A 6.25 or higher close on increasing volume and we have a breakout in the chart. So at least from the first go the bulls are in charge. S&P futures are up 11 and the Dow Futures are up 90.

Ferrellgas (FGP) is buying Bennett Gas which is the first mlp deal of the year. Terms were not disclosed. No other MLP news so far this morning. Nothing on the upgrade downgrade list so far. The dollar is higher against the major currencies. Crude is up 83 cents as of this post. The 10 year closed Friday at 4.33% after a year end last day rally. Thats being undone this morning as we sit at 4.39%. The first challenges there will be a close above 4.50% and a run to 4.80% for the 30 year and 3.75% on the 10 year.

Hope everyone's Christmas and New Year was terrific and thank you very much to those of you who used the Amazon and Mystic Monk Coffee links to do your shopping! Also thanks to those of you who hit the tip jar. Its helped with a few bills and very much appreciated.