MARKETS POISED FOR A PULLBACK?

The uptrends have continued in spite of yesterday's soft-ish close and the soft-ish open we're looking at this morning. It did not stop MLPS however from making another new all time high close. And if you look at the chart, the uptrend remains intact. The last move from a breakout point happened in early September and lasted over 2 months before it corrected by going sideways.



During this move we have watched volatility shrink so the tape really feels complacent to some degree. That argument however is not one that's going to make you money if the market continues to react to any bad news by moving higher. Still at some point, a pullback to the moving average support is in order. I continue to remain concerned about rising long term yields. But so far the market just yawns at that idea. And so do MLPS.

This morning's focus is on Intel and JP Morgan as they put up good earnings which the market is selling into. No news on the MLP front this morning and have my eyes on the upgrade downgrade list as there has been action there lately. Stock futures are lower. Rates are flat ahead of economic numbers.