PUSHING ON A STRING

You know things are bad when you were down 500 points and you finish down 128 and you call it a rally. Well here is the short term Alphatrends view on the overall market. Visit the blog btw if you have a chance

Meanwhile we went below the August intraday low yesterday and rallied back to a little less than a 4 point loss or 1.3%. I don't know what else to say other than watch the open gap downs which get corrected fairly quickly. Might give the lucky among you to add to shares at well below post open prices. Which leads me to suggest to avoid market orders at the open if you are selling unless you want to unload shares by practically gifting them to the seller. Use limits on both sides of the trade.

I just don't know what else to say in trying to get us through this trying time. Note the 2 charts below of Kinder Morgan (KMP) and Oneok LP (OKS) which are probably the two best charts out there. So if you have to buy these are holding up better than others. The Oneok LP (OKS) chart is i admit not the prettiest chart but it is the best of a sad bunch. Kinder Morgan is sitting just below its 52 week high.

This morning we have futures down 25 points on the S&P so it looks like we are going to get an immediate retest of yesterday's low. I like down opens like this as i've said many times but its going to tell us real quick whether we'er setting the table for a vicious 1000 point rally to the 12700-12900 area or a further breakdown in prices. Oil is down this morning while natural gas is a little higher. So far we have no news but earnings and distribution announcements should be coming and it will be interesting to see whethere distribution boosts which will take yields and yield spreads to new highs will have any impact at all. Nothing is on the upgrade downgrade list so far this morning.

Finally Factoids admits that he's getting more attention from the female of the species so he will be updating his mlp info twice a week instead of 4 times a week. If you haven't been to his website it is a must visit for any MLP investor. It has tons of info and will answer just about any question you have about your favorite mlp and the numbers they put out.