AFTER THE BREAKDOWN...WHAT'S NEXT?
Yesterday's undercutting of the November lows i guess is no surprise considering the market continues to be driven by the lack of any kind of clear vision by the Messiah and his disciples. And the charts tell us that another down leg may have begun.
Of course we have been harping on the outperformance of the MLP index against the S&P so here are chart views of the last 5 days and the last 3 months.
Notice the last 5 days the MLP index has been outperforming on the downside. However the three month period takes us back to the day of the November low in the mlp index and the S&P. The MLP index is 24 points above its low so its up over 16% during this stretch while the S&P is now down after yesterday's breakdown. The next thing to watch for is what MLPS do in the next rally (assuming of course we ever get one) and i'm not talking about a one day bounce but something along the lines of a rally of a few weeks. Don't worry. I will wake you up IF that happens.
No news drivers this morning except for Oneoks (OKS)earnings which they had told us about last week. The driver is the market as a whole.
joseph cioffi's Source Page - Associated Content
3 comments:
Sen. Dodd makes me throw up, If only Bernanke had the balls to say that political meddling by Sen. Dodd ( and Congress )in preventing reform of Fanny Mae and Freddie Mac was a prime factor in creating the housing colapse.
Perhaps that would be a breath of fresh air, that would cause markets to rally.
at least the dear senator is a "friend of angelo" and got enough of a mortgage savings that he was able to improve his hair!
What the hell point is Sen Corker trying to make. These folks are clueless. What the hell makes these guys on this committee think they can question experts when they themselves are totally ignorant of the issues. I agree with HS,someone needs to have the guts to tell these idiots they are meddling and making totally irresponsible statements.
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