THE DAY AFTER...
HANGING ON THE EDGE OF THE ABYSS!

After yesterday the dow is back down to the bottom of the range and is in the process of testing the November lows. The financials have already taken out their lows and then some so we wait for some sort of conclusive move here. If we break below the range then we could see a rapid cascade in the 6000 range in the dow. The mlp index is holding up better which is encouraging but remember we're going down as well if the market cracks.

This morning we have stock futures trying to bounce and the energy complex which trades with stocks these days is higher for now. No individual corporate news and no upgrades or downgrades. So far mlps are reacting with some bids when the distributions are held or raised. Not much but enough to keep them from imploding. We will be hearing from Kinder Morgan Partners (KMP) today which kicks off the earnings parade and the distribution situation. I missed this one yesterday where El Paso Pipeline Partners (EPB) increased its distribution yesterday.