If you were hoping to wake up and start the day with news about deals,upgrades and downgrades all over the place and all kinds of other action...well guess what....its as quiet as a church mouse this morning. There is not a breath of news, not a single upgrade or downgrad, nothing (at least so far). So with that backdrop stock futures are flat but above fair value so that gives us some small support. Energy prices aredown this morning back under 68 bucks and down over 1 dollar and nat gas is under 7 bucks again. So i guess everyone is holding their breath to see if there will be followthrough to Friday's 180 point selloff.
The MLP index meanwhile continues to hold support at 320 and in fact has only reluctantly sold off late in the week as the overall market dragged the group down. Midstream assets are attractive as GE showed us last week. The chart to me says new all time highs are coming...as long as the overall market doesn't meltdown over this Bear Sterns and the subprime mess. Ten year rates benefiting from flight to quality as the yield is back down to 5.11 this morning. Stock futures meanwhile have firmed and the open looks nicely higher so MLPS are poised to follow.
The only thing going on (and this is a stretch) is that Breitburn (BBEP) has a bid this morning in the pre-market above Friday's close. Sometimes that happens when something is going on..and sometimes not. I am really grasping at straws here.
joseph cioffi's Source Page - Associated Content
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