For the umpteenth time the ECB head Mario Draghi has told us that the European Central Bank has no intention to bail out the sovereign nations in the Euro zone. Markets apparently think he may mean it this time. We've gone from plus 50 on the dow to minus 65 right now. Bank stocks are on the verge of breaking down as Bank America is trying to hold that magic 5 dollar number. Meanwhile the MLP index benefits from a flight to yield as it is up 1 point. It also is benefiting from year end action but if this sell off gets serious this afternoon this relative strength my have a problem holding on.

Kinder Morgan is up a buck and near new all time highs. Plains All Amercian (PAA) and Western Gas (WES) are up nice fractions. Most mlps are either flat or up a little. Buckeye Partners (BPL) and Williams (WMZ) are the biggest winners with Williams up over 2 dollars to just under 60.

The tape could get very ugly this afternoon if bank stocks really start to implode. Have not seen any followup stories on the Hindenburg omen or whether the signal was triggered again today. I will keep my eyes open on this. BTW the 10 year yield is down to 1.82%. This is not good.