THE SAGA OF THE TEN YEAR!

In case you weren't paying attention the 10 year yesterday sent you a wake up call as rates soared yesterday some 20 basis points to 3.75% which sent the stock market into the toilet with a loss of 175 on the dow. MLPS held on to a fractional gain yesterday which considering what happened after 2pm yesterday was quite the victory.
Now at least so far this rise in rates for MLPS has not been a bad thing at all. Notice that mlps and rates bottomed around the same time last December and they have rallied together. Remember i said at least so far it hasn't been a bad thing. Much of the rate rise has been the improvement in the credit markets. Now however the rate rise is taking on the fact that we have endless bond supply coming to the market and the fear that all this government action will mean inflation down the road. Fears need not necessarily mean reality however so until we see divergence between MLPS and the rise in yields, the uptrend remains intact.

This morning we have flat stock futures, flat energy prices, flatish gold, flat dollar except against the yen where its soaring for whatever reason. No corporate developements and no upgrades or downgrades.