MARKET RETESTING WHILE MLPS OUTPERFORM

Charts show us we are in a much better place while the overall market is retesting the November climax lows (among many other climax lows) and there will be a positive divergence as the S&P needs to get down below 780 to match those lows. The dow is pretty much already there.




Crude is down 2 dollars right now at around 35 bucks while Brent remains high at 44. Gasoline remains high as offshore oil is selling 9 bucks higher and its from imported oil that gasoline is made from and not the high grade West texas intermediate which apparently we have tons of but not enough pipeline to get it to market. And you can't build pipelines if you can't get money!

Holly Partners (HEP) is posting earnings numbers this morning. This mlp has been among the better performing mlps out there. Also we have a gas deal between Southern Union and Enterprise Products Partners (EPD). No other corporate developements this morning and no upgrades or downgrades. Stock futures are at the lows of the morning now at -20 on the S&P.

Not a pretty way to come back from a holiday weekend.