TREASURY'S PLAN IS LONG ON RHETORIC SHORT ON DETAILS. STOCKS IMPLODE...BUT MLPS SEEM TO BE HOLDING!

Sorry for the late first post but had my hands filled with crap this morning. After a slightly down open and an up open for MLPS, stocks have taken gas big time with the dow down 330 points and just off the lows of the day around 7900. Some of this is buy the rumor sell the news but its also buy the rumor, sell the news, and then sell some more. MLPS are down with the index off a little more than 2 points which so far, considering the rest of the tape...is not that bad. The plan had little in details and nothing since the announcement has brought about any kind of solace about it. It could get ugly in the late afternoon.

Some mlps are up today as Transmontaigne (TLP) is up almost 50 cents and leads a short list of winners. None of the big cap mlps however are showing any plus signs. On the otherhand there are no one point losers but many mlps are down fractions to, in some cases, major fractions. Frankly we've seen much worse days in mlp land so perhaps the overall improvement in credit markets have put a floor underneath our particular asset class.

Maxine Waters is attempting to sound intelligent by saying she doesn't understand anything that the fed has done with regards to saving certain institutions. Isn't that fabulous. Also watching the Messiah's press conference last night, it was not comforting to hear that government was the only thing that could save us from a "catastrophy". Maxine does have a new hair style as she pontificates on CNBC.

Crude rallied this morning but now is down 77 cents as stocks swoon. Looks like a retest of those 7400 lows is going to occur very soon.

Lots of news stories on the treasury plan here along with blog reactions.