WAS IT A ONE DAY SELLOFF?

Maybe. Seems to me that yesterday everyone began to sell ahead of what will be an absolutely hideous employment number tomorrow. So unless the number is catastrophic, this may get all priced in. But yesterday was a reminder that it ain't all straight up. The mlp index is starting the day at 194 and i still argue we have room to get to 220 in the short term. But as Bruce posted yesterday in the comments section there is certainly reason for caution.

This morning we are not seeing followthrough in stock futures as they are flat to a little higher while energy futures which also got hit hard yesterday are a little firmer. Weather may become a factor in the US over the next 2 to 3 weeks as it turns very cold to bitter cold across much of the midwest and northeast. That could be a driver for heating oil and nat gas futures; something to watch anyway.

No upgrades or downgrades yet and no corporate news items so far this morning.