Good Morning!

And we begin this morning with the foiled terror plot in Britain to fly planes across the Atlantic to the US and blow them up. Link above to pajamas media which has full coverage. I would send you to the mainstream press but they are too busy with their fauxtographers. Pressure on the markets is evident as futures are lower but 10 year yields are also lower this morning. The energy complex is not doing very much. Crude is a little lower today.

This morning we have no corporate news and no upgrades or downgrades.

Crosstex earnings and conference call were met with selling yesterday as XTXI was down 4 and XTEX was down 1 and change. It looks like a case of buy the rumour sell the news as XTXI has run to 100 so it looks like the chart is correcting here. If you are interested in establishing new positions in XTXI i would recommend laddering in. I think you could pull back another 3 or 4 points to 86-88 level and possibly as low as 82-84. And this stock likes to move quickly and bounce quickly so its for nimble traders only. There was nothing in the conference call that suggested that the company is not on track to meet its dividend projections for next year. 10 year yield just opened down to 4.91%. Looking for some flight to quality today.