ARE WE AT A BOTTOM?

Yesterday's action had the feel of a bottom but i would be very cautious to rush to that conclusion just yet. We've basically been bouncing around after the initial thurst to 10,600 between that level and 11,500. And while the bottom part of that range held, all the Europe and Greece turmoil could make that bottom come out. I have been of the opinion that 10600 will go and that we will head down to below 10,000. Maybe a Greek default finally sends markets cascading down to those levels. Yesterday's late rally looks like it will get extended this morning. Futures overnight were up when i went to bed around 2am but sold off pretty hard before turning around about 45 minutes ago. MLPS showed signs of selling off yesterday and came back with a small loss. They will probably make up some ground at the open today.

UBS is raising Inergy (NRGY) to a buy but lowers its price target from 36 to 31. UBS is also raising Plains Gas Storage (PNG) to buy from a neutral. RBC is raising QR Energy (QRE) to outperform and a 27 dollar price target. QR is at 18 so that's a 50% move from here if RBC is right..which is of course a big if.

The open looms shortly and i would look for sellers to eventually try to take em down at some point today.