DOW RETEST CONTINUES

The dow continues to straddle the floor around 8000 and there is an intraday low down in the 7400s. So this retest continues and the implications are serious here. If we break down below this low decisively then the market is telegraphing a serious recession/depression thats going to last for a long time. So we continue to watch and MLP continue to show relative outperformance which is a positive for mlp holders and followers.

Eagle Rock (EROC) puts up its distribution amount for the quarter and its 41 cents for unti holders. Crosstex (XTEX) has elected its chairman. The company has seen its stock go from 40 to 4 in this bear market. We'll see if he can turn things around there. And Citigroup is downgrading Duncan Partners (DEP) to hold from buy. Duncan has been among the better performers in mlp land. Neglected to mention yesterday that RBS upgraded Cheniere Energy (LNG) to buy from hold which was good for a 10% up move in this under 5 dollar stock.

Not much else happening this morning. The energy complex is a little higher this morning but not far from the flat line. Stock futures are a little lower this morning but not far from the flat line. A horrible unemployment number is due tomorrow and i would think traders will be getting ahead of that number today.