ITS DEAD CAT BOUNCE DAY!

Did you think it was Columbus Day. No. Today is the day dead cats bounce off the pavement after last week's drop off the Empire State Building. An absolutely fabulous chart below illistrates a drop of over 60% from the top last August. Its a long long way to 200 let alone 342 but the bounce here will be sharp and fast. 20 or 30 mlp points not out of the question.

A few things will provide tailwinds today. We have a Barrons piece this weekend touting MLPS. We have the overall market rallying sharply and in bounce mode. And we have Goldman stepping up and upgrading Kinder Morgan (KMP) Magellan (MMP) and Enterprise (EPD) to buy from neutral. All are bidding up in the pre-market with Kinder bid up 2 dollars. They are also cutting Regency (RGNC) and Quicksilver Gas ((KGS) to neutral from buy. Friedmann Billings is cutting Legacy (LGCY) to neutral from buy. Cuts to neutral make so much sense here after the stocks have been cut in half.

No other corporate headlines this morning. MLPS have been all either announcing distribution increases or pre-announcing that they intend to raise their distributions in the next 2 weeks. So we know for the most part everything is okay for mlps this quarter. Crude is up as it continues to trade with the stock market; up 3 dollars and back over 80. Nat gas is also up about 12 cents. The dollar is down against the Euro but up against the yen as confidence returns to equities for at least the next couple of hours.

Credit markets are closed for the holiday today so we don't know what the reaction will be to all the action taken by governments this weekend both here and abroad. Lots of stories available on the Wall Street Journal web site. Some free, some not so check it out. Corporate headlines as they break this morning.