SHORT TERM TOP IN???

Sure seems like a short term top is in and we are in at least pullback mode. MLPS saw some rather indiscriminate selling across the group yesterday and while it finished off its 8 point plus lows, mlps did show a sizeable loss of 6 points. Based on the chart we are holding that 89 day moving average which is still in the context of the uptrend. Its 350 for me that would be the point where we start to ask ourselves whether a complete change in the longer term trend has taken place. Typically in the case of mlps, the climbs take a few days to achieve while the sells can undo prices in a matter of hours. Some pre market trading this morning is occuring as EV Partners is down 95 cents at 41. Kinder Morgan (KMP) is down 34 cents at 72. Nothing on the upgrade downgrade list causing the move and their are no corporate developements that i can see. Crude is down back to under 100 bucks and energy stocks are down in the pre market so some of the selling could be coming from pressure there.

Ferrellgas (FGP) announces earnings this morning. Stock is looking a little lower based on pre market bid and ask. Earnings indicate some weakness coming from its agricultural business and warm weather distortions effected results. Nothing else on the corporate side this morning.

Stock futures are lower. We have the big news item of the morning which is the huge Japanese earthquake and tsunami. The financial impact is that central banks would be inclined to ease especially in Japan where deflation of the economy continues and has been pretty much uninterrupted for years. Bond yields which fell yesterday are flat this morning as they watch stocks and any possibility for a flight to quality. Nat gas is up a little in the premarket even though crude is taking a pretty solid hit.