SOME PROFIT TAKING?

Softish open is what it looks like this morning with the futures a little lower and the Dow sitting just under 11,000. Nothing tragic mind you and much can change between now and 9:30am. MLPS stuck their head above 312 yesterday before edging back near the close. And speaking of indexes Alerian is launching another index for large cap mlps which joins last week's announcement of a midstream index (AMZI). Once i can figure out how to access them i will scorecard them with the standard AMZ index to get a better feel for whats going on. Should you want to have access from their website you need to register but all the historical data is there. Here is an interesting bit of info. 1000 bucks invested in the new AMZI index back in 2000 would be worth over 7 grand today; the mlp index over 5 grand! And that is with 2 bear markets in the stretch. The S&P 500? Well at least you would still have your 1000 bucks!

Long rates pulled back from 4% yesterday on the fed minutes but the uptrend is there and we're still waiting for that solid breakout push which probably takes us to 4.25%. Right it appears the market is okay with this idea assuming thats the way we go. After all a year ago we went to almost 4.20 only to see rates pull back to 3.50; keeping us in this 10 year trading range.

Don't see too much happening this morning on the news front. Buckeye Partners (BPL) announced an open season involving Marcellus. Credit Suisse is starting coverage on Duncan Partners (DEP) at neutral and Enterprise Products Partners (EPD) at outperform. So the open awaits us in 90 minutes.