MONDAY LATE REVERSAL PUTS US HIGHER!

Yesterday's trading from a technical standpoint smells of an important short term bottom. Markets were looking into the abyss after the bottom fell out around noon. Then they turned it around in the afternoon for an up dow close. And there is followthrough this morning. I believe the odds are pretty good that the market made a tradeable bottom. Meanwhile MLPS will be playing catch up this morning as the reversal in our group often lags by a day. So this morning we have up stocks. Oil is up 2 bucks. Nat gas is up and the dollar is a little lower. Gold is 20 bucks lower this morning. What we will look for today is a gradual building of strength and hopefully a 100 point or more up close.

MLPS are quiet this morning on the news and upgrade/downgrade front. If this is indeed a tradeable bottom there are some bargains out there in the group. Stock offerings and the general sell off have pulled some mlps 20% off their highs. Nustar (NS) comes to mind here (i hold a small position in the interests of disclosure), Sunoco Logistics (SXL) is another (no position there right now). Not a recommendation here..just pointing out that there have been some nice pullbacks.

Distribution checks have arrived in accounts for the most part. Spend the money well! Stock futures at the highs of the morning up nealy 60 dow points.