Crude Oil Continues Its Selloff...MLPS Remain Relatively Strong!

I'm at a bit of a dis-advantage this morning as i had to run into manhattan for a meeting. So i don't have access to all my news sources. As far as i can tell there are no headlines this morning and no upgrades or downgrades so far. Linn Energy Tuesday night announced a new round of hedges ; one of those stories that fell through the cracks...sorry!

Crude oil touched 53 dollars overnight and is sitting at 53.50 right now as of this posting. The XOI sold off and closed near its low yesterday telling me that there is more downside. The stocks will turn before crude so look for one of those days where crude is down and oil stocks are up sharply. That will tell you when the bottom is in.

Meanwhile MLPS are really doing well in the face of big energy going down. I think other factors are supportive here including stable 10 year rates and the prospect for fatter distributions coming in a few weeks. Usually when there is a big selloff in big energy they throw everything out the window at some point. MLPS are showing great relative strength in here when investors are throwing out the window anything involved in energy.

I will post again as soon as i get home and have a chance to go through everything.