MLPS ACTING POORLY BUT

LETS NOT JUMP OFF THE DEEP END

I thought i'd start this morning with some charts to lay some perspective here. Short term things are horrible. No arguement there. Since the fed cut 50 basis points the overall market has rallied to new highs while our group has sold off. In fact we're down 6 out of the last 8 sessions. Last quarter we were down 11%. But take a look at the second chart which shows us where we've come from since 1 year ago and you'll notice that we are up double digits percentage wise plus distribution.

Also here on the weekly chart we are coming into important support around 290 on the chart. 290 also represents the lowest close in the August collapse.

So by alot of measures we are oversold. A few positive divergences are showing up such as relative strength for example. So lets keep our heads here. A few more insiders did some open market purchases yesterday including a big one at Energy Transfer Partners (ETP) so the "Potters" of the world are not selling they are buying.

MLPS open flat this morning on another morning where there are no corporate drivers. Energy is selling off as crude falls. Nat gas is a little higher. No upgrades or downgrades either so there isn't much to trade on.

So fingers crossed that we can at least stop going down today.