Down nearly 3 points on the MLP index at 350 with a dip down to 349.60 a little while ago. Most of the group is lower. Energy Transfer Partners (ETP) is the biggest loser down over 1 and we have a whole slew of mlps down major fractions like Penn Virginia Resources (PVR) Oneok (OKS) Magellan (MMP) and others. It appears to me that mlps are going into a corrective mode here that could possibly take us down to the 200 day moving average. That is at 325 today and rising. Would be a 10% pullback from the highs. The key i believe is to watch what happens the next time bonds rally for a day or two. If mlps continue to sell if bond yields correct a bit..then the likelyhood of a trip down to the 200 day increases.

Just a few winners today moving up pennies and nothing to write home about.