STILL STRADDLING THE BOTTOM!





Friday's 300 plus point decline takes us right down the the very bottom that the Dow Industrials are trying to carve out. The MLP chart looks alot better and Friday's action was not as bad as the overall tape. So we have this going for us on this Monday morning. Stock futures overnight were sharply lower but have pulled back even as of this post. We are certainly entitiled to an up open but these levels have to hold on the Dow. Otherwise we could be at the brink of another serious leg down in stocks overall. Energy continues to have its umbilical cord tied to BP and the oil spill. MLPS have the big yield spread between them and the 10 year yield as a magnet for some money; that is as long as the risk trade is working.

Corporate news wise it is early and right now we have no headlines to speak of and no upgrades or downgrades. No doubt that Fridays employment numbers were awful. But i guess for traders that means that next month there could be upward revisions. The Euro has caught a bid under 120. Crude and nat gas are a little lower at the moment.