THE REVERSAL IS BEING REVERSED?

Sure feels that way this morning with futures higher. The dow industrials was staring 10,000 right in the face yesterday afternoon around 3pm before selling off. But now we are higher this morning in futures so it looks like its nothing but profit taking. The fed still has the green light flashing at the markets so the rally continues.

MLPS held up quite well yesterday as they finished only slightly lower at the close. This morning Boardwalk Partners (BWP) gets an upgrade from Morgan Keegan to outperform from market perform. Enterprise Products Partners (EPD) is doing a notes exchange with Teppco (TPP) as it gets ready to complete its merger. Not much else happening on the corporate side.

Nat gas is up this morning ahead of nat gas numbers and futures are looking at 4.00 after being down at 2.50 a few weeks ago. Crude is lower after being down 3 bucks yesterday. Dow futures called up 55 points as of this post.

The mlp chart is straddling that 250 mark and we are still waiting for that decisive move higher to breakout the next leg up. Maybe today? End of quarter looms next Wednesday.

And finally for your enjoyment! The Government Can!!!