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Tuesday, May 22, 2012


Yesterday's 8 point mlp gain pretty much undoes Friday's 9 point mlp loss. Looking at the daily chart the selloff Friday brought us down to 365 which is not far above the initial 360 target i mentioned. But right now the bounce looks like nothing more than that as we went pretty much straight down from 400 to 365 over a matter of 2 weeks. I thought that the weekly chart would prove useful here and notice we are sitting right on the 89 week moving average. From a weekly standpoint the chart is telling us that we may be putting in a longer term top. A breakdown from here takes us to support at 340 and from there its down around 290. Overall the tape remains bearish and the markets bounce yesterday was just that unless proven otherwise by the tape staging something more that a 2 day rally.

This morning we have futures slightly positive. Crude is down a little and so is nat gas. Interest rates continue to hover not far off all time lows in yield. The dollar is rallying especially against the euro.Nothing on the corporate news front this morning and no upgrades or downgrades.

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