MLPS HIT THE 200 DAY MOVING AVERAGE WALL

Yesterday was not fun with the MLP index down 4 1/2 points at 302 and backing away from the 200 day movning average which sits around 310. Looks like support has become resistence and mlps will continue to get suckered down by whatever the overall market does. Just about every MLP was down yesterday except for Linn Energy (LINE) which was up just a few pennies.

Now we are either putting in a double bottom at the 290 level or we could be setting up for a break above 310....i rate the chances for that not all that high and totally dependant on the overall market. I continue to point to the insider buying that continues to occur here 15% below the all time high of 340. Looks like we start higher today as the market bounces from yesterday's ugly day.

No corporate headlines and no upgrades or downgrades. Energy prices are higher except for nat gas which is flat after yesterday's rally. I sold my UNG position for a profit and laddered back into Terra Nitrogen (TNH).

If one wants to parallel this to 1998, Alan Greenspan made a big speech going into Labor Day weekend signalling to the market that easier money was coming in response to the Asia mess. The dow was up nearly 400 points on the day after Labor Day. The final bottom came in a few weeks later, The ease in fed funds came and by November the market got back the 2000 pts it lost in the selloff. Uncle Ben speaks Friday from Jackson Hole. Is it different this time? Food for thought.