Market up over 100 points and at the highs of the day. And following along the MLP index is now up on the day and nearing 201.

Magellan (MMP) announced record earnings this morning and the stock is up just under 1 point. And if Magellan does well so does Magellan Holdings (MGG) which also posts higher earnings. Its unchanged after being down earlier. Also up 1 or more Alliance Resource (ARLP) and K-Sea (KSP) Buckeye (BPL) and Buckeye Holdings (BGH) are fractional winners on their earnings.

Teppco (TPP) is down 1 on earnings news and Plains All American is down 1 and change. No news on that one. Ferrellgas (FGP) is down a little less than 1 point on its secondary offering.

Overall the way the dow has behaved lately it feels like its building some sort of a longer term bottom. But being in this bear market has left me pretty shell shocked to call anything with confidence. Still we are seeing volume drying up on this selloff below 8000 and while the financials are still taking gas...some groups are beginning to poke their heads above water...or at least they are rising from the depths and the light from the surface above is within reach.