Monday morning on a holiday weekend. No trading today but we do have the rest of the world doing its thing. Big rally in England on the FTSE up over 100 pts as the Northern Rock Banking problem is solved with a government takeover. I mention this because the removal of uncertainty is so important to the market and maybe the only way we can see an MLP rally of substance. MLPS are dead money at best as long as the credit markets remain in turmoil...plain and simple. Yields are at ridiculous levels but they are consistent with whats going on with other issues that function as bonds or bond proxies. Fix that and we can finally get a big move in these things. S&P futures up 5 points in overseas electronic trading.

Coal MLPS took big hits Friday thanks to Goldman Sachs downgrading all things coal. That explains big drops in Natural Resource (NRP) Alliance Resource (ARLP) and Penn Virginia Holdings (PVG) even though those stocks were not mentioned by Goldman. Could be an opportunity here if Goldman is wrong on coal.

Anyway some Monday morning musings on a day of no trading. I will be away on some mountaintop in Pennsylvania this week where i'm am not sure what kind of internet access i will have. I will post if i can otherwise I will be out of commission until Friday. I will post tomorrow morning before the open.