The mlp index is down 1.60 and under 270 which btw keeps it well within the context of a base being built in my view. Technically speaking we can take it back to 260 (heaven forbid) and still be in this base mode. The 34 day moving average is at 268.85 and...optimist that i am...i am looking for that line of support to hold although i have to be honest in that my confidence level isn't exactly feeling ispired.

If you are a coal mlp it isn't pretty out there as they are all down across the board. Resource MLPS are also down hard this morning. And the big boys in the MLP index are taking hits of major fractions.

Not everything is down however and there are a sizeable number of smaller mlps that are up on the day. Constellation Energy Partners (CEP) went to 12.60 this morning and had enough of going down for now and is back up 60 cents to 13.35. Williams Partners (WPZ) took out 31 this morning. Glory!

News of another energy hedge fund going bust can't be good here...but for now the mlp tape seems to be handling things in okay fashion. Falling prices among the bigger mlps makes me wonder whether that is where the pressure is coming from.

Remember kids...268.85 ish is a place to watch in here. A line in the sand.