ANOTHER ROUGH START AHEAD!

Yesterday's market drop and mlp index drop comes with rates falling to new lows on the long end so its apparent that the rate drop gas that mlps were running on is not working right now. The focus is shifting to the idea of another recession coming so markets are selling and bond yields just keep falling. The dow is sitting right on the moving average cross and its going to break that at the open this morning. BTW the 200 day is at 10,266 on the expotential chart.



Mlps continue to flounder here and 310 is about as far as i would like to see this drop go. The 200 day sits at 295 so we are a couple of days away from there unless of course we get one of those out of control sell offs that we saw in 2008.

Martin Midstream joins the list of companies doing public offerings and the stock is down over 1 pre market. Citigroup downgrade Inergy LP to hold from buy which basically means you go ahead and hold while I sell.

Looking pretty bleak here at the start but lets see if support kicks in. Nat gas numbers coming at 10:30am. The tropics are dead right now so there is nothing coming from that angle.