THE DAY AFTER THE BIG REVERSAL!

It was only a matter of time after being up 9 days in a row and a move from 265 to 283, mlps sold off sharply in the last hour on Friday. Now we did have triple witch expiration which probably played some havoc here in some fashion along with year end factors and likely a few other things going on. But a correction was due and no big surprise. It continues to be in the context of this stair step advance we have been in since last Decemeber. And we are coming up on the one year anniversary of the 176 bullback from which this rally began. Markets are firm this morning so we'll see soon enough if this was just a one day decline or if we need to touch the 34 day moving average again around 268.

The overall tape as measured by the dow touched its 34 day moving average on Friday and bounced. Markets are firm this morning and it looks like we will have a positive bias to the overall tape for this week into Christmas. No mlp headlines this morning so far and no upgrades or downgrades.

Sorry for no posts last Friday as i had my hands full working hours while i can. Plus we had a huge snowstorm this weekend here and i have 25 inches of snow to dig out of. All this winter weather has nat gas roaring and nearing the 6 dollar mark. Crude is up a touch this morning as well. Rushing around as Christmas approaches; always a busy time!!!