ITS GETTING UGLY OUT THERE AS MLPS HANG ON!

We managed a higher close on the MLP index yesterday while the overall market was imploding in the last hour. The sell off continues this morning in the pre-market so it looks ugly at the open. We're still getting through the ex-distribution cycle so if we have to endure a sell off at least we're getting out distribution checks.

No news this morning but we have Citigroup upgrading Magellan Midstream Partners (MMP) from hold to a buy. Some of the selling has spread into the commodities market with the energy complex down except for Natural Gas which is up about 5 cents. The ten year which at one point yesterday had climbed back to 4.85% is down to 4.73%. If this flight to quality continues we could be back to 4.50%.

So the focus will be the overall market as the dow nears 13000 and the S&P gets close to its 200 day movning average. Meanwhile MLPS will try to hold the 320 bottom which so far does not appear to be in danger. Headlines as they break this morning.