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Friday, March 02, 2012


Truly a dangerous question is being posed here as nothing is more dangerous then trying to pick tops or bottoms. However yeserday's drop in nat gas seems to be setting up for a bottom retest of the lows of 2.30 set back on January 23. And you can already see via the chart that if that happens its going to happen on lower volume and with all sorts of momentum divergences. Nat gas has been in a bear market for years given the fact that nat gas has seemingly endless supply coming to market long term and an unfavorable demand outlook over the short term. Still it is worth noting that nothing goes down forever.

MLPS meanwhile continue in their uptrend with no signs of a top. With volatility being squeezed out of markets, its been a continuation of a grinding higher rally. There is nothing out there that seems to want to stop this train for now. So other than stock offerings which bring in temporary selloffs in price, the path of least resistance remains higher.

This morning markets are quietly lower here. No news of consequence and no upgrades or downgrades. Stock futures a few ticks down. Nat gas a few ticks up. Oil a few ticks down and the dollar is higher against the Euro on whatever they are worried about over there today.

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