One thing that is most annoying about trying to come up with something when reading a chart is that it's always back looking. That is you can look at something and see the top only after the decline is probably well underway. Same goes for bottoms. Right now short term it looks like we have a (tradeable) double bottom that was put in place last month. But we came up to the now declining moving averages and hit a brick wall. Still the group is doing pretty well compared to the rest of the market. But if the overall market decline has more to go, mlps will follow and i'm still waiting for the signal where mlps are thrown out the window to tell me we have a real tradable bottom....unless of course i'm wrong and we're already there. Such is the traders dilemma.
After yesterday's one day rally, you would hope for some followthrough this morning if you were a bull but the sellers are in control so far. Markets are opening lower and we will be looking for followthrough selling to tell us that yesterday's rally was just a one day event. Gold is up 40 bucks and Europe is down. No news for mlps individually and no upgrades or downgrades.