IN CORRECTION MODE

We're in the area of moving average support as the selloff accellerates a bit today. Down over 5 on the mlp index. All mlps and gps are down and we have a slew of 1 point plus losses in the likes of Exterran ((EXLP ) Energy Transfer Partners (ETP) Sunoco Logistics (SXL) and the leading loser is Alliance Resource which is down nearly 2. No surprise really and probably long over due. We could make a case for 225 on the mlp index on the downside but i would think that would be as far as this correction takes us. Any breach of that and its because something more sinister is going on.

On the end of a three day weekend here so i will be back to normal blogging tomorrow.