TUESDAY MORNING (AFTER MONDAY RACING!)

Back from a one day trip up to Saratoga where i left some money at the race track but not much, the world wakes up to the takeover offer of a shitty company, and dreams that we too could one day wake up to such news on an mlp or a gp and see a nice gain of 20 or 30 percent. Maybe Terra Nitrogen (TNH) which is the shit company in MLP land. Othewise its another typical Tuesday in August where we sit and watch interest rates continue their unrelenting march to 0% and mlps in turn hold their own just off the top of the range and hovering below new all time highs. Not much happening this morning on the news front.

The mlp chart is still looking a bit toppy in here but the support band below us held yet again so the bull market here remains intact although the move to new lows in interest rates is not coming with a move to new highs in mlps as measured by the index. It may be telling us something but this massiive pile on in bonds we're seeing seems nothing short of a frenzy and it has to come to an end eventually...unless of course we are really becoming Japan and heading for free money.