HAS THE CORRECTION BEGUN?

My guess is probably not yet but a pullback is in order and maybe thats what we got yesterday. And maybe thats all it is. You could sense a bit of a shift when bonds began rallying around 11am yesterday before the auction results. Then some hawkish talk from the fed president of Kansas City and the dow sells off by over 100 and then bounces back. Tape action suggests the bull is fine and it could just be one of those 1 day intraday moves. MLPS barely lost a point. Still at some point we are going to see some sort of downmove on a larger order. But we'll let the tape tell the story.

Not much happening this morning in the land of MLPS..no news so far and no upgrades or downgrades. Market a little softer ahead of the open but we have jobless claims due out shortly. Rates have once again backed off 4% on the 10 year so at least for now the top of the trading range of 3.50 to 4 remains intact. Nat gas numbers at 10:30am will be a market mover. Crude is a little lower this morning and Europe is down on Greece woes. The open approacheth!