NICE BOUNCE YESTERDAY BUT
THE WEEKEND LOOMS!

Yesterday was a very good day for MLPS which closed at the high of the day, up nearly 6 points on the index. It takes us to 360 but it appears that it was nothing but a one day bounce as markets look soft today. All this focus on the weekly performance with markets down 5 weeks in a row led me to put up the weekly mlp chart. The uptrend is still okay but the uptrend line is getting some penetration. As far as the long term trend is concerned we can go all the way down to 320 and still be okay in the long term uptrend. We haven't even come close to the 89 day moving average since May of 2010. Short term the magic breakdown place remains the 350 level.

Nothing exciting on the newsfront this morning. No corporate headlines and no upgrades or downgrades so far this morning. Stock futures are at the lows of the morning and we have crude down over a dollar but nat gas is up a few pennies. Interest rates continue to test the lows of the year..4.18% on the 30 year and 2.95% on the 10 year.

We should say happy birthday to the MLP index which is 5 years old! And of course tomorrow is the Belmont Stakes and im thinking to jump on a new horse for the race. I have my radar on Master of Hounds. Nehro was my Derby pick but after 3 straight second place finishes i wonder if he has the heart to win. Shackleford could be very tough if he gets loose on the lead and can run the race in 25 second quarters. The track should be fast as long as rains hold off. Animal Kingdom is the horse to beat and should love the extra distance. So maybe at 10 to 1 Master of Hounds might be worth a play. No final decision made yet.