CRUDE TURNS BACK FROM 60 AS MARKETS DROP!

Yesterday we talked about crudes run to 60 dollars and that is right to the top of the longer term trading range that has evolved over these past many months. The price turned down yesterday afternoon and those losses continue this morning as worldwide use is forecast to drop. Shocker there i know. Energy stocks dropped off yesterday and MLPS had a double headwind of falling energy stocks and weakness in financials. So the mlp index dropped 5 points yesterday. Okay i know the change said 8 points but for some reason there was a price error from Tuesday's close so the 8 points was actually a 2 day loss. Maybe it had to do with ex-distribution corrections which they sometimes do on the index all at once, although that explaination makes little sense to me since you would ex-dis the price down and not up. Nonetheless down is down. And for traders there is a lot of profit in this group as we remain up nearly 20% since January 1st.

Early post here with no news and no upgrades or downgrades so far. Stock futures are flat this morning. Crude is down a buck and we have nat gas stats out later this morning.

I'm working this morning so posts will be on the twitter bar on the side when i can.