FED DAY!

Its that every 6 week ritual of waiting for 2:15pm for the fed announcement. Consensus says no surprises expected. Last night's State of the Onion was the usually collection of gasbags and the collective yawn that follows. Everyone is making their usual big deals about what matters to them. DUH!

MLPS finished the day a little lower yesterday and we came down into support and held so far. 350 is the important level for the index to hold but we won't get there unless we see 10 year rates breakout above 3.50% and we are at 3.37% this morning.
On the news front this morning Amerigas (APU) posts earnings numbers this morning. The stock has done quite well over the last number of months (what mlp hasn't?) and usual earnings events don't move the stock much. No othe news to speak of and no upgrades or downgrades. Btw you may not have noticed but MLPS that are downgraded by the brokerage houses don't go down much and in fact they have closed up on days of the downgrade in many cases. Even a Goldman cut doesn't seem to move them down. Either thats a sign of strength or a sign of froth.


Monday morning nat gas pre open was on the verge of a breakout and its been pretty much straight down since then. We are back testing the support zone and this needs to hold for there to be any chance of an upside breakout. I will be watching this carefully because, up until now, all pullbacks were good buying opportunities. Only each one that comes along makes it a little harder to buy back in. As always with these things, they never make it easy.