We dropped quickly below 200 to 199.18 and from there the rubber band snapped back and we are back above 200 and in fact almost to 202 in the early going. The dow went to within 1 point of the November low at 7552. The S&P is still above its low and the Nasdaq is 150 points above its low which is down around 1310. Some divergences to keep an eye on.

Holly Partners (HEP) Transmontaigne (TLP) Nustar (NS) Boardwalk (BWP) and Suburban Propane (SPH) lead the lsoers down 1 point or more. Winners number all of 3 with Plains All American (PAA) Oneok (OKS) Exterran (EXLP) up small fractions.

Lets hope this "the" bottom for the overall market because if it isn't then there will be weeping and gnashing of teeth!