This is such an orderly selloff as measured by the VIX which is actually down today by 20 cents. No sense of panic. Not a good sign for a climax.

The mlp index has just broken below 280 and is down 2 plus points. Oil is up and the markets continue to trade with every tick.

Actually when you look at the mlp list its the big boys again that are down fractions to a point. Let me point out for those of you holding Linn Energy (LINE) E V Partners (EVEP) and Constellation Energy Partners (CEP). You guys should be celebrating as each of these stocks is 6 to 8 points above its March lows and all 3 are either flat or slightly higher today. Also higher is Hiland Holdings and Inergy Holdings albeit on very limited volume.

Sunoco Logistics (SXL) Enbridge Energy Partners (EEP) and Energy Transfer Partners (ETP) lead the list of losers of 1 point or more.