CHART CHECK

The S&P chart is rallying off that extreme low and the bounce right now has taken us back to around 9000. It looks to me like this bounce has some teeth to it so it may go for awhile. The MLP index has had a better bounce so far as it is well above its extreme low of 152...now around 215.

We are actually moving above the 34 day moving average which if it holds has potential bullish implications down the road...a very long road maybe but its something to pay attention to if we are beginning some sort of process of building a longer term bottom.



Nothing showing up in headlines this morning but last night E V Partners (EVEP) made it official as it upped its distribution to 75 cents. In the past the company has mentioned its intention for future quarters but no mention this time. Might mean something...might not.

Atlas Pipeline holders (APL,AHD) might still be reeling this morning from the Citigroup downgrade which btw somewhere here mentioned on the comments board in a broad context of a distribution cut. Would have saved a few points of pain if you sold on that post. Lets hope for a bounce today. Nothing on the upgrade downgrade list so far this morning. Crude is higher and so is nat gas ahead of nat gas numbers. Stock futures are sharply higher ahead of GDP which should show contraction and jobless claims which will probably soar over 500k. Yesterday the market sold off in the last 10 minutes on some weird comments from GE which were later straightened out. We were +200 before they hit the wire and stock futures take us back there this morning.