After a 15% drop in mlp prices over the last few days (based on the index) i don't think it takes much analysis to figure that a bounce was in order. When i went to bed last night at 1am, dow futures were down 265 but i guess they managed a turnaround over night. We were down 24 points yesterday and that was something that we hadn't seen since the Lehman meltdown in 2008. So from 370 to 315 is 55 points. A 20 point bounce would not be out of the ordinary and note btw how far we are from the 200 day moving average. Its always in hindsight that you see tops and 390 was definitely the top.
posts record earnings this morning and merger partner Duncan Energy Partners (DEP) also posts a solid earnings number. Enterprise is up 60 cents in the pre market on 3 trades..one of them mine(sell) at 39! No other news of consequence this morning. No upgrades or downgrades.
Stock futures continue to firm this morning but volatility rules and you have to look at the screen every couple of minutes or so just to make sure. Crude was down overnight by another 5 dollars and is now flat. Nat gas is higher and gold continues to soar up another 40 or so bucks. I have to think that rally will reverse very hard when the turn there comes. Bond yields on the 10 year dropped to 2.30% overnight and that 2.02% 2008 bottom is within reach..just maybe not today. That retest would give us a nice double bottom to trade off of.