10 YEAR PUNCHES THROUGH 5%!

WILL MLPS HOLD THEIR GROUND?

Yesterday's 1% ish loss was pretty much in line with the market's overall loss and now this morning we see the 10 year at 5.03% and rising.

Chart formation are bullish for bond rates so i think the breakout at 4.90 was significant. Now we are poised to challenge 5.25% which takes us back to exactly 1 year ago.

So what will MLPS do? I think they will pretty much follow equities here since trends for energy are still bullish. Deals in MLP land continue and i think that certainly helps prices. But if equity markets begin to sell off MLPS will move down with them at least for awhile. For now we watch and wait. 5.25 was where the last rally in rates ended a year ago. Not sure what will happen this time around.

Ferrellgas (FGP) is out with higher earnings this morning and that will of course impact the stock. No other news on the corporate front and no upgrades or downgrades.