MOVING HIGHER IN THE PRE-MARKET

Overall the market could not hold on to gains yesterday as the volatility settles down but mlps held on to the bulk of their gains closing at 299 and up another 3 points. Thats 3 up days in a row and 2 of those days the overall market was down. So outperformace has returned and no wonder. With 10 year rates down below 3.60, the risk money is rushing back in to grab yield. Stock futures overnight were down 8 points when i went to bed at 2am. They are up 5 on the S&P right now as we approach the open. Gold is trading at record highs this morning as against pretty much all currencies as the realities of Europe are driving people to the hard asset you cant eat!

Don't see anything on the corporate side in the news department this morning. Wunderlich raises the target price of Trans Montaigne(TLP) to 35 from 33 and has it at a buy. Not much else happening this morning from these angles. The dollar this morning is down, 10 year rates are up a little. Inventory numbers for crude are due out at 10:30am. Crude and nat gas are higher this morning.

Preakness draw due out this morning. Having a tough time nailing down a horse. Waiting to see what the morning line odds are before deciding. My inclination is to try and beat Super Saver, the derby winner and perhaps go to someone fresh. More on this later.