WILLIAMS PARTNERS EARNINGS AND
HAVE WE BOTTOMED?

The bottoming process seems to be continuing here as we straddle those critical areas in the dow industrials. We made a new closing low by a tick on Tuesday and yesterday closed 3 points above that level Broader indexes remain well above their November lows. In normal times this might be enough but these are not normal times. So there is caution everywhere and that is a wise thing.

Williams Partners (WPZ) puts up earnigns and tells us 2009 is not going to be as good as 2008 (shocker) and they are reducing their outlook. The market told us that a long time ago. No other news this morning on the board and no upgrades or downgrades so far. Stock futures are up this morning. Maybe we are all sold out. Crude is rising above 35 bucks which is a good thing in my view.

Some items of interest. Free Barrons piece on Gold which you might want to read since it is the only thing that has been working lately. Stock futures this morning are rallying away from the overnight lows. Bottoms are frustrating processes and this one sure has been frustrating. MLPS at least still remain up 10% on the year. 16 mlps sell for under 10 dollars right now. At the November lows 24 sold for under 10 bucks. Now that doesn't mean you should run out and buy the 16 since they may be under 10 bucks for a reason. Atlas Holdings btw now has a 1 handle!