LOWER START BUT....

I like down opens much better than up opens in a downtrend like this because it sets up for a reversal that could hold for awhile. Sometimes its wishful thinking. But MLPS seemed to be settling down in here in the low 260's so we appear to be basing. Of course if the entire stock market falls out of bed then look for a trip down to the bottom of the range.

Another sign that we could be bottoming out in here in mlps...anal-ists are falling all over themselves to downgrade these stocks or lower their targets now that they've missed the fall. Merrill Lynch downgrades Buckeye Holdings (BGH) to neutral from buy now that its gone from 30 to 18. And Citigroup keeps DCP Midstream (DPM) at a hold but lowers its price target. RBC is upgrading Cheniere Energy (LNG) to neutral from underperform.

Not much else happening this morning. PPI was awful but like CPI it could be baked in already. We'll see.