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Wednesday, February 15, 2012


MLPS are holding tight around the 400 line. Except for Terra Nitrogen (TNH) which is now at 239 and up another 15 dollars (the apple of mlps!) most mlps are moving fractionally in either direction.

The dow is down 20 points right now but the nasdaq is up 25 with Apple at 525 and going parabolic.
The nasdaq 100 is up 11 out of the last 13 days. There is some speculative fever developing here so i would watch the tape carefully. This can't go on for much longer without a sizeable break. Meanwhile back to mlps which are just doing their own thing in here but the chart does appear like we are at a place where tops could be formed. Still no sign of trouble. But again the overall tape action today has me a bit distressed.

Nat gas meanwhile is back dow to challenge its lows around 2.20 and there really is no reason for nat gas to do anything other than breakdown below this level. Non existent winter and 100 years worth of supply and growing are not exactly bullish reasons for prices to go higher.

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