MONDAY MORNING. WHERE TO FROM HERE WITH MLPS?

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Good Monday morning and no better way to start your Monday with the daily chart above and the weekly chart below of the AMZ MLP INDEX!


We have been moving higher until Friday's small loss broke the winning streak at 6. Note we are nearing the very top on the weekly chart and I still think we are going to new all time highs in this upleg. Staying long and adding to positions on any weakness.

This should be a very active news week for earnings, distribution announcements and whatever else gets thrown our way. This morning Howard Weil downgrades Oneok LP to a hold from a buy. Other than that there is no corporate news. Crude Oil is down nearly $1.00 and testing its recent chart lows. Natural Gas however continues higher as it moves back over 7 dollars. 10 year rates have backed up to 4.82. I wouldn't want the 10 year to back up much further from here. If it did it might bring a halt to the rally.   One other thought. Prices of many in the group are near alltime highs. I wonder how many (or if any) companies will take the opportunity to do stock offerings.

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