IMPRESSIVE YESTERDAY AFTER THE INTRADAY SELLOFF PLUS THE LATEST FROM THE LAND OF GASBAGS!

From a 200 point gain at lunch time the market proceeded to sell off nearly 300 points to an almost 100 point loss as we headed into the last hour. And then as some critical points on the S&P were getting breached the ship turned rapidly around and we finished up nearly 100 points.



MLPS of course followed along and went from plus 2 to minus 2 to nearly plus 2 at the close. Crude yesterday also staged a reversal after bearish api numbers. So the tape is certainly signally that the bulls are in control and we are headed higher from here certainly in the short term. The mlp index is beginning to get above its moving averages which is a great sign however we need to see the lines cross as we have been at this point before, only to see the selling resume. This time my guess is we are going to be successful.

No news this morning and no upgrades or downgrades so far. Buckeye Partners (BPL) joins the list of mlps doing offerings as they come to market with a secondary. With a nearly 40 dollar stockprice you can do those sorts of things. Stock futures are stronger this morning along with higher energy as they continue to move together.

I pulled this from Bloggingheads tv and its worth the watch. It was from the congressional hearing (again) the other day. Our dear Maxine Waters is asking Mr Geithner about that infamous Goldman Sachs conspiracy which is right up there with the Kennedy conspiracy and the Oil Company conspiracy. Pay attention to 2 things. First off watch the looks on Geithners face throughout all this. You know he wants to slap her and then duct tape her mouth shut. And then watch the ticker scrolling other news on the bottom of the screen and the words "braindead" move across. Hilarious!