MONDAY MORNING AFTER
GOING NOWHERE LAST WEEK!

You look at the mlp chart for the last 3 weeks and its clear that we have been going no where fast. It appears like we are in some sort of tight sideways consolidation here but i continue to be disturbed that mlps have stopped making new all time highs. Now this is okay for awhile but if the market keeps rallying and breaks out to a new recovery high and mlps don't follow suit, then i will really be worried. Meanwhile its clear that we have ceded leadership to other groups. The reason for this is the uptrend in long term rates as we have been pointing out ad nauseum for the last number of weeks. Ben Bernake said on 60 minutes last night that more bond purchases are possible if the economy doesn't recover. In case you missed it you can watch it here.


Meanwhile it looks like a flat to slightly lower open this morning. Stock futures are soft but not by much. Bond yields are lower as well ahead of the open. Nat gas is 1% higher as colder weather will be in the picture in gas using areas at least through Christmas. The dollar is down and Euro markets are flat to a little higher. No corporate headlines for MLPS so far this morning and no upgrades or downgrades.


For those of you who still have Christmas shopping to do, or perhaps you haven't started yet, if you do it on Amazon please use my link. I would appreciate it very much as Amazon pays me a small cut of the purchase which goes a long way to covering my costs. Thanks very much!!!