ARE WE THE LAST TO TOP OUT?

We seem to be at the point where our group is probably the last group standing. When you scan the charts from the broadest energy stock index to techs to everything else, all the charts have broken down. Yesterday was another periodic exercise in delusion. MLPS seem to be the only group that is working. Check the new 52 year high list and you will find mlps and not much else. But if we are on the verge of a major breakdown, we are going to go down with it. The question is whether we will hold up better than everything else. If we look back at the 2008 unwind, mlps were being sold hand over fist because of the massive seizure in the credit markets. If there is another seizure than we could see another big unwind. However the lesson of 2008 was that when the bottom was put in, it was a lifetime buying opportunity. First things first though is 355-60 support and then 320 which has been the short term bounce point. So lets keep a watchful eye.

BTW based on the weekly chart, after 320, 280 would be the next logical place. I think its all going to come to a head in the markets over the next few days.

No news of consequence this morning on the corporate side and no upgrades or downgrades. Stock futures are following Europe tick for tick. Europe traded off the Italian auction which somehow was viewed as not a disaster. Record yields here are absolutely unsustainable. The clock is ticking and ticking fast.