ITS FRIDAY...LETS RALLY!

And why not. We staged a nice reversal yesterday and it was a logical place for a reversal as we are back at the 8000 bottom . The mlp index came back from an 8 point loss to cut it to under 2 so we should catch up this morning. And if the recent trends remain intact we should have another one of those outperformance kind of days.


Its also a Friday ahead of a holiday weekend and with the major bank earnings out of the way maybe there is no more bad news out there. At least for now. So stock futures are up nicely this morning and we are seeing rallies in commodities and energy as well. Even nat gas is up!

No news on the corporate side and no upgrades or downgrades. Hiland (HLND,HPGP) has that offer on the table and i will be watching trading today to see if the market can take the prices above the bids. My guess is that it won't and that this is pretty much a done deal given the fact that Chairman Harold Ham has majority stakes in both issues. He is getting the company on the cheap but as i pointed out yesterday...it makes him a smart businessman. When you have cash in a distressed market you can do exactly what Mr Hamm is proposing to do. Buy low..sell high.