11 up days in a row is a pretty extreme move and since we're not getting to 1000 by the end of next week, it should be no surprise that sometimes in the new casino, it comes up red instead of black. So we are down about 1.50 on the mlp index which btw is above all its support lines and is closer to its all time high than its recent trading low.
The dow hit the same wall as we have terrible economic numbers from Richmond fed and consumer confidence. And of course the moment of truth arrives for Europe with another silly meeting tomorrow with lots of silly people. Markets are nervous that there is a deal or there is no deal or if there is a deal its meaningless. Enjoy the ride because in the end Europe will do what it does best and that is why put off until tomorrow what you can do months or years from now...maybe.
MLPS are holding up for their usual reasons including the fact that oil and nat gas are up today even though the tape and the euro are weak. At the lows the dow was off 170...now off 85. The mlp index is 2 points off its lows of the day. Markwest (MWE) is doing an offering of senior notes. The stock is down fractionally. Regency Partners (RGNC) raises its payout to 45.5 cents. The stock is down 15 cents. And we have UBS cutting its price target on Martin Midstream (MMLP) from 39 to 36 bucks. The stock is down 10 cents.
So the trading continues and given all the headline risk, it wouldn't surprise me at all if we are up 200 points by the end of the day.