VACATION MOOD THIS WEEK. WEAK OPEN APPROACHES

Futures are down this morning ahead of the open by over 100 points on the dow. Not sure what the specific news driver is other than perhaps we are still correcting the rally from 6500. MLPS held up okay yesterday as they cut their losses as the market did in the last hour. Tape action is much better in these selloffs lately which leads me to remain constructive.

The high yield index is about to break out of a base here which should bode well for MLPS as these two charts are basically moving tick for tick.

We have a nice piece of news from Genesis Energy (GEL) which is boosting its distribution by 3.75 cents from a year ago but just by .75 cents from last quarter. Still its better than a cut! Hopefully its a good sign of the month ahead.

No other news this morning and no upgrades or downgrades. So lets get through the open on this semi vacation week for most people.