IS THIS "A" TOP OR "THE" TOP 

Both charts above are speaking to us this mornng in some fashion. Friday's dismal employment numbers pretty much re-enforced the idea that the economy is going no where fast as the workforce continues to shrink. The mlp chart topped in January and mounted a rally recently from 380 to 400 but it appears that 400 is the new wall as the index got turned away from there. Now as markets sell off we will watch the 380 level on the mlp index to see if that goes because if it does get taken out, it is a sign that a downturn has begun that may last for awhile. And i think this would of course be coupled with the overall market making a move lower. 12700-12800 is the level to watch there.

This morning we are seeing Barclay's and UBS cutting their price targets on Buckeye Parnters (BPL) which has been sinking since its' earnings report last week. It and Nustar (NS) have been the 2 weakest mlps among the large mlps out there and they have had a bit of an impact on the mlp index. Stock futures this morning are lower but they are well off the overnight session lows as Europe is moving markets after elections. Crude is down under 100 and lower this morning but also if its lows. Nat gas has moved solidly above the 2 dollar level and sits at 2.32 this morning. That 2 dollar level might be visited for a retest at some point.