A couple of observations. Lots of block sales at the close among some of the big cap MLPS and that took the index down to 289.98 at the close. Nustar (NS) Oneok (OKS) Enterprise (EPD) and Kinder Morgan (KMP) downticking in late trading. Also over the last couple of days in the midst of all this selling we have insider buys and E V Partners (EVEP) Crosstex (XTEX) DCP Midstream (DPM) Holly Partners (HEP) Nustar (NS) and a few others. So we continue to see pressure and insiders stepping to the plate with their own money buying shares. Mark Ellis of Linn (LINE) appears to have exercised options for 50k shares. So we have the market pressuring MLPS and those in the know taking advantage of lower prices. We keep waiting for some sort of upside resolution to all this. Again I want to go back to Dec 2005 when we had a similar pattern which bottomed around Dec 24th and then a rally began which lasted into the spring of 06.

Also if a recession is at hand could we have a repeat of 2000-2002 when MLPS rallied as everything else sold off? Does money flow out of everything else and head for high yielding defensive issues? The situation is not exactly the same as we had the tech bubble burst and we came out of a period then where unsexy stocks went nowhere for a long time.

I guess we'll find out soon enough.