10K THE DAY AFTER; KINDER DOWNGRADED

Watching yesterday it was so predictable it was downright scary. Higher open...pullback..run to 10k...pullback...the strength into the close to finish above 10k and just off the highs. Okay so the swami is seeing a lower open today and we will be straddling that 10k line today im sure and dont be surprised to see a rally later today to a higher high. Ultimately its good guessing.

MLPS closed at 261 as we run now to that magical 265-270. I still think this is going to be a logical place to eventually consolidate an build another base. The mlp index is up 85 points for the year or 50% not including distributions. Total return is around 60% or so. Not too shabby!!! Tail winds continue to blow overall.

Oppenheimer is on the horn this morning downgrading Kinder Morgan Partners (KMP) to perform from outperform. And since Kinder is a huge part of the mlp index we are headed down at the open. Nothing else happening on the corporate front. Stock futures this morning are down after earnings on Goldman and Citigroup plus CPI and jobless claims. Energy is lower awaiting oil numbers at 11am. Nat gas selling off again after reaching 5 bucks last week.

Okay..lets get set for another day of trading. Kinder Morgan weakness probably can be bought for a trade. Path of least resistence is higher.