ONE DAY CORRECTION OVER WITH!

Well that was quick and relatively painless. The mlp index dropped 9 points intraday and bounced right off the 240 old resistence and closed at 243. So with stock futures rallying this morning sharply we will be up as well at the open.
The chart seems to be marching along and if we stretch it out and go further back in time it is evident that the repair job continues. It still seems to me like we're headed back to 260-270 on the index which takes us back to the 2007 base. That base ultimately took us to the alltime highs near 340. I think a lot has to happen to get us back there but for now we are still leading the way.

This morning we have some earnigns news from Holly Partners which is also ex distribtuion. It may or may not matter but the company beat on earnings which is always a nice thing. Teppco (TPP) puts up its numbers but they are merging with Enterprise (EPD) anyway. And finally TC Pipelines posts earnings this morning. Eagle Rock (EROC) which resides in the land of single digits is paying out a distribution this quarter. Amerigas (APU) is on the upgrade downgrade list this morning as UBS downgrades it from buy to neutral.

Crude is higher this morning after a 4 dollar decline yesterday. Nat gas is up but we all know that it is going to zero and will essentially be given away. i will keep saying that until it rallies. As we said early stock futures are higher with the dow going to open up 100 points. Bull market with short sharp corrections that end very quickly remain the order of the day and that was the action of the last 2 days. 1000 on the S&P is doable today!