HEADING INTO THE WEEKEND FIRM!

Starting out the morning with silightly higher stock futures which is a good thing. Yesterday's action in mlps was a bit subduded compared to the overall market but it's hard to draw conclusions from one day's action. If you combine the 2 day action of mlps (remember the day before the dow was down over 100 but mlps closed flat) nothing has changed yet in the overall trend. I think its important to keep your eye on the 10 year and whether we are near an are where rates can't go much lower; unless of course the economy is going to "take more gas" (not literally) for the rest of the year. Let us watch what happens to mlps on days where rates move higher. There is probably a place where if rates climb back to, will cause money to flow away from yield. We are not anywhere near there yet and it may be somewhere around 4%. And of course it will be most important to watch what happens to mlps next week when the ex distribution cycle begins and what impact the new etfs and etns have, particularly the MLPL which is 2x the mlp index.

Okay its a quiet Friday morning with no upgrades or downgrades and no corporate developements. Here is a list of yesterday's news stories all on one page for your convenience. All the bs this morning is swirling around this euro stress test show on their banks. The dollar is up a little against the euro and rates are moving higher this morning on this news at 2.97%.