MONDAY MORNING BOUNCE TIME!

Friday's selloff in the overall market may have been many things including end of month nonsense. So far it is not the beginning of a pullback and it wont be until we break those moving averages. Meanwhile MLPS did nothing wrong Friday and after an initial pullback, closed down a small fraction. The 10 year dropping back to the bottom of the trading range certainly didnt hurt the group so for the moment we are straddling support just below and new trading highs just above.

No headlines so far this morning to work with on the corporate side. Most of the attention is on BP and the gulf spill. Naturally i have a week booked and payed for in Panama City in July! Nothing on the upgrade downgrade list this morning so far. The distribution cycle will play out this week as most mlps go ex-distribution in the next few days. Stock futures are higher. Crude futures are higher while nat gas is flat.