Down Days And MLPs

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We have rarely seen this kind of short-term selling pressure during a bull market. Has not been kind over the next few days in the futures.

Curiously, SPY was much more positive...likely due to different closing times (?).

MLPs showing up on sentiment exhaustion screens. The 20-day Optimism Index of AMLP is down to a level that has preceded shorter-term rebounds, but not necessarily bottoms.

For only the 3rd time in 20 years, we're on track for the 3rd straight 1% down day while in a bull market.

If we relax it to just being within 5% of the 200-day average, pretty much the same results...very good chance of medium-term rebound.