Close near the lows of the day and there were a number of important reversals today in the XOI (key reversal) XNG, DJUSEN (KEY and last week's low) and the USO which looks like it broke through a short term uptrend line. The mlp index however held up much better. Be advised that if we get a rout in energy we're going with it but we should hold up much better.

Also its encouraging with all the Lehman issues that MLPS are holding up far better than during the Bear Sterns collapse.

I discovered that my DUG position has effectively hedged the MLP portfolio so far. I am in the money now on my position and i'm looking for a run to 32-33 where i will sell. No guarantees but that is the plan of action as of this posting.

Bruce...you posted about Magellan Holdings which was down 1 (4%) today on no news. I couldn't find anything so it may be just one of those days. Nothing on Magellan Midstream (MMP) either.