Week Thoughts: Defensive Pivot

MLPs and Utilities lead the market

Oil hit 6-month lows on Monday, and sentiment was very gloomy across the market. Things perked up Tuesday, with beaten down midstream stocks bouncing hard, and midstream continued to outperform the rest of the week, and the outperformance for the year so far is at its widest point, more than 1500 basis points for the MLP Index.