SELLOFF APPEARS CONTAINED!

Certainly the market had every excuse to go down and we did take a trip down below dow 11k but now we are well off the lows with the dow off just 85. MLPS are down 1 and some change on the index but outside of some fractional moves there isn't too much going on of note this morning. Long rates are up a little and would be back over 4 on the 30 year except for the stock market being down however if we see stocks recover, i would look for rates to try to take out the 4% level there. So far the mlp correction off the high last week has been relatively contained.

We'll keep our eyes on the tape this afternoon to see if we get a rally back to the flat line. The tape still looks bullish overall.