MONDAY MORNING BEGINS HIGHER

Went to bed last night with stock futures sharply lower as asia sold off but this morning i woke to higher stock futures as Europe starts higher. Charts show mlps holding support and trading inside the moving averages, and based on prior moves we should be moving above it in short order. The daily macd may go to a buy again soon so we'll watch that. This of course assumes that this sharp 8-10% correction that began from dow 11,200 has run its course. MLPS correction was more like 15% (more if we include the spike bottom). It seems to me that we are going to hold the lows here.

This morning there isn't much on the corporate news front for mlps to trade on and so far no upgrades or downgrades. The dollar is flat after being higher. 10 year yields are up this morning as the flight to quality trade gets undone..small moves in either case. The energy complex is higher across the board.

Lastly as for Dublin in the Preakness, veering out in the wrong the direction (maybe he forgot to put his bet in) and giving up 20 lenghts at the start is not the way to win a race....and he still wound up 5th. Imagine if he had broke well out of the gate!!!