BIN LADEN DEAD!
MARKETS OFF THE HIGHS!

Markets have been up all night but have come off just a bit from their peaks on the Bin Laden news. There is much news coverage and blog commentary available at Memeorandum but we have market impact views from CNBC this morning in case you missed it.

Then of course as in all these things there are the unintended consequences as Dennis Gartman points out. Could there be some reprisals against the U.S.? That could be the reason behind why the gold market is almost back to the flat line. Crude oil is down a buck and change which is no big deal.

After missing most of last week due to the wedding (not the royal one but my daughter's) MLPS are on the move and are going to start the day at new all time highs. The latest push may be coming from of all places nat gas which has made another bottom test and attempting to make their way back to the top of the range. Nat gas is up pre open this morning.
MLPS are pushing toward the 400 level and this morning we have some news items. Boardwalk increased its distribution and announces earnings. Also we have Citigroup making some moves as it is raising target prices on Williams Partners (WMZ) Western Gas (WES) DCP Midstream (DPM) and Chesapeake Energy (CHKM). Usually these moves don't make for big price changes in the stocks but we will of course monitor the situation. Certainly mlps will open higher.
The chart continues to look good and there is no sign of a top.

Last Friday we had a few items of note including Enterprise Products Partners (EPD) sweetening the deal to buy Duncan Partners (DEP) which is a nice thing for share holders. Looks like an extra buck and change coming. And then we have UBS making noise about mlps.
UBS came out Friday aggressively recommending mlps especially those in the natgas space.

The Baltimore Sun ran this story on Sunday about the treasury department contemplating taxation of MLPS. The piece does point out that such a proposal will probably meet with stiff opposition from Congress but it will be interesting to see whether this story has a bite this morning as mlps open for trade.

So we will work through the obvious up open and then look around to see whether sellers come in. News events like this tend to be euphoric at first and then followed by a gradual fade away.