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Monday, April 23, 2012



Getting used to the new blogger format which is a bit confusing but i will figure it out. Markets this morning are reacting to European woes as those markets sell off hard and that leaves us down over 100 dow points pre open. The mlp chart rallied nicely last week as the 380 support level continues to hold for the time being. But i think we will see a test of that level this week which is about where the 200 day moving average lies. MLPS hit their top of 410 back in late February and have not been able to come close to that high. Its a little disturbing that we see this pullback even though 10 year rates have not rallied above 2.40. In fact after that spike up to 2.40, yields are now back below 2%. Could we be setting up for a major selloff? I guess it all depends on Europe and whether markets want to repeat last year's pattern.

No corporate news this morning and no upgrades or downgrades so look for the group to move in tandem with markets. Crude may test 100 bucks if the selloff really gets going after the open. Nat gas is under 2 dollars and seems destined to head even lower.

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