APPROACHING IMPORTANT SUPPORT

When the downdraft began we thought 9800 was a good place for the dow to head for and even though i did not post the chart with the 200 day moving average; guess what? The 200 day moving average is right at 9800 on the dow. So lots of attention will be paid if we hold that level. Meanwhile in MLP land yesterday's 9 point clobbering takes us under 280 and under the 55 day moving average so the 89 is looming large for us. The 200 day is way down around 260 so that seems a bit of a reach unless the bottom completely falls out. Btw on the weekly chart 260 is where all the moving averages
That area to me provides considerable support technically. The weekly chart is bordering on a sell when you look at the MACD. Employment numbers at 8:30am will provide gas as stock futures are sinking ahead of the number.

Buckeye Partners (BPL) puts up good earnings and an 11 cent beat. Buckeye Holdings (BGH) is putting up its earnings and ups the payout. Copano also is posting earnings this morning. Wunderlich is upgrading Inergy (NRGY) to buy from hold.

For those of you looking to build positions in this sell off..since one can only guess the bottom; i would suggest laddering in with buy orders under the market. This way at least you avoid that awful feeling you get when you pull the trigger and then realize that you could have done it at much better prices as markets pull back. A down open looms large unless the employment numbers surprise. The market is focused on all this soverign debt issue going on in Europe and elsewhere and that could be a driving force for awhile.