Good Wednesday Morning! Looks like the signs that the Energy stock selloff ran its course (at least for now) when Oil dropped nearly 2 bucks but the XOI closed down only slightly. The MLP index turned higher late in the day yesterday and with rates droppping on the long end ....to me it looks like the correction is over. The daily chart is a little hard to read because of the tight range its been in for the last year.


The weekly chart to me is a bit clearer. To me it shows that we could be on the verge of another upleg if we break above 275 on volume. 255 provides support just above the moving averages that i use.

In news developements this morning we see nothing much. Some coverage action as Wachovia starts Valero Holdings (VEH) at outperform and Valero LP (VLI) at market perform. Magellan Holdings got an upgrade to buy from hold at Merrill Lynch.
Looks like a good start...lets see how it carries.