I GUESS AT LEAST ITS NOT AS BAD

AS EVERYTHING ELSE!

Which is about the only way we can look at this. MLPS as based on the index is now clearly back below the breakout point and is now in some sort of sideways consolidation which given everything else that is going on...is not bad and in the longer term perspective we are getting some nice prices out there for many of these.


Meanwhile the Dow Industrials clearly wants to head back to the August lows here as it has broken below 13,500 and is taking aim at 13000 today. Futures are lower this morning but off the lows of yesterday. And remember its Friday!


Of course there are sinkholes among this group and US Shipping (USS) hit a big air pocket ever since the company indicated there was the possibility of a distribution cut next quarter. So 6 points lower and a nearly 15% yield can be speculatively tempting but the market is pricing a distribution cut of as much as 50% here. This is nothing but a dice roll in my view...and for now i am content to play around in other playgrounds.

This morning is quiet news wise. Look for earnings after the close today from Linn Energy (LINE) where we will at least get a view of whether the company hedged correctly this time around. No upgrades or downgrades on the board.