I wish i had words of encouragement to offer. These are very difficult times for sure. We are in a bear market. New closing lows today on all the indexes but we are still above the intraday lows...if thats a straw to grasp.

Every day brings us one day closer to the bottom. Assuming of course the world doesn't come to an end in the interim. Marketwatch has this story on de-leveraging which begs this question. Since we are seeing all sorts of asset classes and bonds trading at unheard of yield spreads...have MLPS already seen their deleveraging with yields spreads sitting at record highs...or is there another round to go which drives spread to 5 or 6 hundred basis points above the 10 year? Some MLPS are still trading at ridiculous spreads...others continue to climb toward those levels daily.

I'm just trying to get a grasp here of how much lower can we go. But with markets behaving irrationally i guess the answer to that is...possibly a lot lower. The smaller newer mlps have already been busted so really the last men standing are the big boys like Kinder Morgan (KMP) and Enterprise(EPD). Meanwhile Dan Duncan, the ultimate insider bought more shares of EPD the other day.

Hey at least 1 positive...Linn Energy is still 3 points above its 52 week low!