DOW RETESTING LOWS
BREAKDOWN OR REBOUND?

Its either a platform or a diving board and we seem to be ready to retest the depths of the November lows with stock futures sharply lower this morning. MLPS will follow along but the group has outperformed and remains up 10% on the year and this is a reflection in the small improvements that we have seen in credit markets. But there is pressure this morning as commodities take it on the chin. Crude is at 40 dollars down 1 and change. It doesn't look like a pretty start.

This morning we have earnings from Duncan Partners (DEP) and Enterprise Products Partners (EPD) and Dan Duncan has both those companies moving right along gunning on all engines. Not much else happening from a corporate standpoint this morning. Ex distributions are getting underway and they will be mostly done by week's end.

Here comes the open....fingers crossed and seatbelts fastened.