ARE WE THERE YET?

Does it not feel like we're never going to get to the bottom? That eternal feeling of hope followed by despair followed by hope and then despair? Well kids...you got the bear market blues!




The MLP index dropped 6 points yesterday as it followed energy stocks and their implosion. Looks like with a lower start we could get there today early in the trading session. So we wait for any sign of a bounce.

The mlp index would look far worse but Kinder Morgan Partenrs (KMP) has about the only solid looking chart in the group. As one of the granddads in mlp land its chart actually is about as bullish as any out there.

Enterprise Products Partners (EPD) is the other big component in here and just moves sideways between 27 & 31.

Distribution hikes on the menu this morning as Enterprise hikes and of course so does Duncan Partners (DEP) but this falls under the who cares file as we are in a bear market. No other news this morning and no upgrades or downgrades. Crude oil is down again and is approaching a critical trendline support @ 110 on the USO. The equity has broken down and it is signalling a breakdown in the commodity is imminent. That could be a driver for stocks if we see another big drop after yesterday's 6 dollar drop. Banks are being forced to liquidate as they try to stay alive. When you have to sell first you sell your losers and then at the end you sell what you have left. And some banks have nothing left! Stock futures are lower which is good to flush out sellers and get that climax that we almost had yesterday. Hope springs eternal today!