ONE DAY CORRECTION?

Feels that way this morning so far but there is some data out later this morning that will dictate the tone of the tape. Yesterday's decline is still within the context of this stair step formation on the chart where we consolidate sideways. So unless we see followthrough i would suggest the trend remains intact.


MLPS actually held up well yesterday and we closed right at the prior breakout point at 227 after trading below it intraday. 220 remains support in my view and any pullbacks to that level should be bought. No signs of any leadership change.

Duncan Partners (DEP) priced its secondary at 16.00 and is trading a little below that in the premarket. Not much else happening so far this morning. Energy prices are higher and nat gas is extending yesterday's almost 8% move in the premarket. The dollar is weaker after rallying sharply yesterday. Stock futures are higher by a few points this morning.

There isn't much else happening so far but i will post any breaking headlines. The sun is coming out this morning here on Long Island after 15 days in a row of rain!