Oil stocks drag markets down

Dow fell 42, decliners over advancers 2-1 while NAZ pulled back 25. NYSE volume remains quiet at 1¼B indicating nothing was decided, bleeding will continue. Oil declined almost 4 to 121½, the lowest price in about 3 months. Largely overlooked, the slide in oil prices has dragged down oil stocks. Exxon Mobil (XOM), a Dow stock & as big as they come, is down about 20% from its high less than 3 months ago:





The energy index is down 20% from its high, signaling its bear market. Where oil goes, so goes the Alerian MLP index. As shown in my widget on the right, it fell 8 today, back to the important 262 support line. Some of the decline was attributable to ex-distributions (i.e. EEP & EEQ) but the bulk was due to old fashioned selling. Declining energy stocks tells me markets are thinking negative thoughts about economies going forward.

Tomorrow everybody is betting the FED will stand pat on interest rates, but their words will move markets. I've been having router problems all day, better post while I can!