POST HOLIDAY BOTTOM BUILDING?

Back from a soccer weekend in Baltimore/Washington so im a little groggy this morning but going foward. Starting a short week with selling this morning with futures down rather hard this morning..100 dow points as of this post. We are coming off a week of relative outperformance in MLPS especially Friday where the market just sank lower and lower while mlps held on and closed with a small loss. When you look at the chart we can see what could be bottom building and the beginning of what could be a wide trading range. The boundries look to be 275 ish at the bottom side. The top side is yet to be defined. The former uptrend lines and moving averages lie just above us and we need to get through those. 300 shows a little area of congestion that could prove tough..and then there is then high around 320. We'll let that part of the equation play itself out. The overall market holds the key to whether the bottom holds in mlps since we are in position to see the market go to lower lows while we do not. Certanly lots of questions.

Looking around this morning the news is non existent on the corporate front and nothing shows up on the upgrade downgrade list so far. The dollar is rallying this morning, rates are a little lower. Crude is down but nat gas is a little higher.