Good Morning!
Back from a nice morning beach walk and we find 2 notes on coverage. Valero LP is reinstated by Lehman Brothers at outperform and Valero Holdings is started by Lehman Brothers at equal weight.
4.81% on the 10 year and housing numbers will be the driver at 10 am. Still looks to me like MLPS continue to have the wind at their back and are in rally mode. The best performers have been the ones that have lifted distributions or are percieved to be lifting distributions in the next quarter.
So we wait for the open...i wait for 10 am and the 80 degree ocean!