MLPS DOWN BUT MARKETS DOWN HARDER!

The relative outperformance of MLPS continues as the markets sell down hard at the open. The dow is down 1.65% while mlps are down just 0.55%. When you have a 10 year yield at 1.95 and you can get 6% (with some risk), thats hard to resist and money continues to flow into the group. Or at least the money coming out is less! So the list is showing mlps down but no big moves. RBC ups Sunoco Logistics (SXL) and Plains All American (PAA). Neither stock is doing anything inspiring on the news. No other news and no other upgrades or downgrades.

The euro markets remain front and center and the action there is driving action here. Futures overnight were actually firm and this morning they were holding up well until 9am when suddenly the air came out of the bag. We're down 200 as of this post and ultimately i think we have to go down to 10,600 and take that out with an eventual trip to 9800. Watch the VIX (volatility index) to head back up to 48 which was the high a few weeks ago. We are at 36 right now.