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Okay i'm truly confused after yesterday It was the worst day for financial stocks since 2002. Everything went down yesterday except for Mc Donalds, some utilities and MLPS. Now take a look at that chart and look back at the March low and the reaction the next day and notice that it was about an identical performance you will ever see. And notice it was a quick ride to 290 from there so is there a reason to be cautiously optimistic?

The dow chart is so stretched to the downside in here that at big snapback rally could come at anytime but what is the catylist going to be. 2 banks after the close yesterday came out and told us they are not going broke tomorrow (maybe next week but not tomorrow) Premarket action there isn't exactly overwhelming but its early.

Or perhaps the catylist could come from oil where the uptrend line sits at 135 waiting to be broken and oil is 136 and holding this morning. 108.50 would be the level to look for on the USO for those of you following this. Thats about 1 point below yesterday's close.

Meanwhile no lack of catylists for MLPS as we have some corporate news last night from Energy Transfer Partners (ETP) which boosts the distribution and raises guidance for the rest of the year. Stock is trading near its 52 week low and has an 8.3% yield. Also we have a distribution boost from Dorchester Minerals (DMLP) which is raising its distribution to $0.769206 (could they have just said 77 cents!). You have to love a distribution that goes out to the 6th decimal point!

Looks like a catylist just showed up as Dow Chemical is buying Rohm & Haas for a huge premium. Futures moving higher now. Crude is a little higher and notice lately its not moving on headlines that 2 weeks ago would have sent crude up 10 bucks. Nat gas numbers out today. Nothing yet on the upgrade downgrade list.