Its the first full trading week of 2012 so we are finally done with all the holiday trading distortions. Today marks the 5th trading day of the year and there are some who follow the notion that first 5 days of the year dictate the kind of year we are going to have. Not sure if that has any value other than chance. Meanwhile with the market up for early 2012, MLPS have broken out of its recent range and continue to head to 400. Everything seems to be playing into mlps hands here. The 10 year remains under 2. The 10 year/mlp yield spread continues to remain above 3. Tops have come usually with spreads under 2 (pre 2008). Money continues to rush into any stock with yield. So far i see no signs of that changing.
The dow chart continues to move higher and it looks like it wants to go to 12,600-12800. Europe continues to churn but no one seems to care right now. The euro is up this morning on Merkel/Sarkozy saying nothing new. Euro stocks are flat to a little lower ahead of the open.
Back to mlps this morning, no news and no upgrades or downgrades. Stock futures are a few ticks higher. Crude is flat and nat gas continues its march toward zero.