STILL IN CORRECTIVE MODE

You can see that a trip lower from here is possible and we have room to get back below 230 possibly and still be in the context of a correction. The 89 day moving average was touched not to long ago when we first broke through 225. And this morning we are down over 3 on the mlp index as energy stocks are selling off. Oil is back below 70 and nat gas is down as they wait for storage numbers out shortly.

The August pace of trading continues to slow to a crawl. No bids on the floor today is the problem as opposed to an onslaught of selling. News wise Energy Transfer Partners settles with the Federal Energy Regulatory Commission (FERC) but the stock is down 1 on the news. Oneok Partners (OKS) is down 1.36 and is today's biggest loser. Just a few mlps are up and led by Holly Partners (HEP) which is up 34 cents so far. Nothing on the upgrade downgrade list.