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Tuesday, March 15, 2011


Once word got out that the Japanese nuclear plants were exploding one by one last night, markets in Japan imploded and everything else followed. The threat of a nuclear meltdown plus fresh Middle East turmoil has everyone selling everything except bonds this morning as they rally in a flight to safety.

Markets are probably going to be reacting to every piece of news that comes out from Japan and the nuclear reactors. Stock futures are 250 dow points lower ahead of the open this morning. MLPS will follow the lead of energy stocks which are going to lead the way lower at the open. Crude is taking a big hit down $3.50 and solidly below 100.

News in mlp land this morning is another stock offering. This one is by Ferrellgas (FGP) and the stock is down the predictable point and change.There are some pre market trades in a few mlps and they are showing 1 point plus losses which is not a surprise but the volume is very small so the quotes are not that reliable. Nothing of significance on the upgrade/downgrade list except for UBS which is upgrading K-SEA to a buy with a target price of $8.15 which by some strange coincidence, is the same price its receiving in its buyout offer!!! How enchanting and clever of UBS!

CNBC has of course been providing coverage on the meltdown and what it means for the economy and markets. And then there is the feeling from Chicago on where we are going with all this

This may be one of those days where you might want to turn the tv off for a little while and do something constructive. After the initial selling at the open, my suspicion is to look for at least several attempts to rally them back.

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