The daily trading pattern has been a tug of war back and forth. The dow was up 70, then down 100, now up 55 again. The question is whether this is a double or triple bottom formation or is it a bearish flag which will ultimately break down and break down hard. MLPS have been treading water for the most part as they have gone sideways and outperformed the broader tape. Still its hard for me to see a substantial rally with the 10 year still straddling 2%.
MLPS are up a small fraction but lagging the rest of the market which appears to be led by technology. Most mlps are moving fractionally in either directon.