A VERY HARD OPEN!

Never fun waking up to futures down hard but indeed they are. MLPS yesterday were up all day long until the last 20 minutes when the drop dropped and mlps went negative for the day. Still it was relative out performance (down less) and the lows continue to hold however tenuously. This morning's open takes us right back down to near the lows of this move (flash crash intraday lows). Its Tuesday so there's always hope for one of these Tuesday turnarounds..although statistically im not sure there is anything significant here. So we'll open down on the lows and then look around and see if the world is actually ending.

Williams (WPZ) will be swallowing up Williams (WMZ) and form one. Never quite got the dual mlps here but they will become one. My guess that it wont have much impact on price of either mlp as they will both be down at the open. The exchange is roughly .75 WPZ for each share of WMZ so roughly at the current market price. Nothing much else going on this morning corporate wise sor far. No upgrades or downgrades that i can see.

Crude is down 2 bucks with markets down as they are. Metals are down. The dollar is strong across the board. Rates are down in a flight to relative quality. Another fasten your seatbelt morning ahead of us.