TAKE A DEEP BREATH!

And then hold it for awhile as we await the outcome of this S&P chart. We are testing last weeks panic lows and stock futures are lower this morning. If we breakdown from here who knows what the next stop is. 800? 750?. Or are we going to see another one of those rip your face off reversals? Place your bets ladies and gentlemen.

MLPs have on the other hand not revisited the panic lows...not even close to that 152 bottom from 2 weeks ago (was it two weeks ago? Its all meshing into one long day) and we seem to be trading a bit better in here. I think as long as credit spreads continue to thaw...we will see relative outperformance.

News items this morning as Energy Products Partners (EPD) puts up earnings which have some hurricane impact. Duncan (DEP) also has earnings that are a penny shy of estimates but that seldom has any weight in our little group. And file this under 1/2 a penny is better than none...Suburban Propane (SPH) boosts its distribution by half a cent. Nustar (NS) which already preannounced record numbers will be posting this morning at some point. Goldman is raising Buckeye Partners (BPL) to neutral from sell..and it downgrades Buckeye Holdings (BGH) to neutral. Buckeye Holdings has a $17 offer on the table.

Crude was up earlier and is now flat. Stock futures as we psoted earlier are lower but off the lows and way off the highs. Gold is nearing 700 bucks as we just continue to see assets deflate. Jobless claims at 8:30 am will set the tone.