IS THE RALLY DONE?

The rally has taken us from 10,600 to 11,400 in just 4 days which pretty much about as nice a bounce as you can get after that first leg down selloff of nearly 2200 points. Notice that the dow bounce has been really nothing compared to the mlp bounce which has been on the order of nearly 40 mlp index points or a nice 15%+ rally to the now dropping 34 day moving average. Certainly it can be argued that the bear market rally has perhaps run its course so we look for today's action to at least signal whether this is indeed the case. Futures this morning are sinking lower down by about 100 dow points and 14 S&P points. 10,600 will be the line in the sand. For mlps the bounce has been so powerful that the 310 low might be "the" low unless the market really falls to pieces.

This morning it is quiet in mlp land with no news and no upgrades or downgrades. Crude and nat gas are lower and we have gold trying to make another run to $1800. The market is off the lows on Fitch re-affirms AAA rating for the US and the outlook is "stable" but i doubt that will be a catylist for another buying surge. So let us work through the open and see what happens after 10am.