ARE THEY RINGING THE BELL???

They say they don't ring bells at tops to announce the end of a rally. But you have to wonder whether we are at an important inflection point for MLPS right now. The index along with energy stocks in general have stopped going up. Actually when you look at this chart after yesterday's 3 point loss, we are sitting very tenuously above support. The turn in mlps matches the firming of 10 year rates and while nothing disastrous has occured yet, some mlps are now well off their 52 week highs.

The charts above of Kinder Morgan (KMP) and Oneok LP (OKS) just don't look well right now, especially Oneok which looks like its heading south in a big hurry and has been ever since its last public offering of shares. Now this could be all a simple matter of end of quarter rotation or some other nonsense but im inclined to pay attention here. We could be at the beginning of a serious correction of the mlp rally that began in October of 2008 (double bottom in December) and has run from 145 to 410.

The index is down this morning off .70 as of this post with Oneok (OKS) down another 80 cents. Kinder Morgan is actually flat right now. Markets are a little higher right now after a soft open. Nat gas is btw poised to break below 2.20 and a 1 handle is not far off.