NO NEWS SO ITS OIL

AND THE MARKETS

Since there isn't a stich of corporate news to trade on MLPS are getting tailwagged by the action in the rest of the energy stocks which were down 2% yesterday on their respective indexes. MLPS were down about 1% and are holding just above 290 although we got below that level yesterday


I'm not sure how tis will play. I think the bigger issue is whether the overall market heads down to the March lows for a retest or does energy sell off hard and we diverge from those bigger energy stocks. Of course this assume that crude goes down back below 120. I still think thats where we're going short term but who knows considering the mania in here.


The Dow Jones Oil and Gas index has pulled back to its moving average support and so far that is holding. The XOI index of big oil looks a little more suspect but that too has just moved back to its support lines. Watch the action in the equity to give out clues as to the overall direciton of crude.
So there you have it. A quiet start to stocks...oil up..no mlp news. Oil inventory numbers at 10:30am. Lots of fun ahead today.