RALLY MOOD THIS MORNING

Markets are in rally mode and rally mood this morning as futures on the S&P are up over 8 points. Fed meeting and announcement at 2:15pm and everyone will be disecting the press release for any clues. 9700 is holding quite well and we may see the markets begin to move away from this short term bottom. Still no sign of a top.

The ex distribution cycle continues this morning with Sunoco Logistics (SXL) among others trading sans dis. Earnings news also on the frontline this morning with Linn Energy (LINE) putting up numbers and the stock looks a little lower at the open. Also we have earnings from El Paso Partners (EPB). Targa Natural Resources (NGLS) earnings news with some guidance and Calumet Specialty Products (CLMT) tells us in their earnings that they are good with their covenants.

Crude is higher, nat gas lower this morning and we have commodities moving higher this morning with gold knocking on the door at 1100. Here comes the open and what looks like a strong start.

Just a reminder i continue to add links to mlps on the blog roll for your mlp shopping convienence. And also i would like to point you to this blog posted by one of our members here. AVI gives us his market perspective and its always good to get ideas from others. Its also on the blogroll.