DOES THE REVERSAL HAVE MEANING?

As demoralizing as downside reversals can be, and its no fun to watch one happening, it hard to extract too much meaning out of yesterday's turn from higher to lower. First off MLPS never really took off to any great extent...at most the index was up three. And in the end it still managed to close fractionally higher. The dow took it a little harder but it only closed down 9 points. And volume yesterday wasnt anything to scream at. So we'll just view it as noise for the time being. Not much downside followthrough this morning with futures flat. So we'll call it a wash and move on.

Not much happening this morning. Corporate developements for now are non existant. Stock futures are flat. The dollar is higher. Energy is lower. The fed begins a 2 day meeting so we have the 2:15pm ritual tomorrow. Can't imagine they are going to change anything with the recent economic numbers looking a tad soft. Still the statement will be watched for every period and every comma and every verb. UGH!

Okay lets keep an eye on whether the market can get its footing today and rally back to yesterday's highs which was around 10,600. MLPS looking at 310 as the next logical stock as the short term trend remains bullish.