END OF QUARTER PRESSURES LOOM!

Half the year is just about over and the resulting trades are usually wide in both directions. MLPS closed up a little over 1 point on the index yesterday and off both the highs and the lows of the day. The dow pulled back in the last 30 minutes from plus 150 to plus 108. Interest rates (interestingly enough) closed at their highs of the day for the second day in a row. The 10 year is still under 3 but i wonder if the action is beginning to refect the end of QE2. World attention is focused on the Greek vote tomorrow morning at 5am when they will pass the austerity plan and the resulting chaos from the espresso crowd.

We have a secondary offering this morning of 7 million shares from Enbridge Energy Partners (EEP). The stock is down 1.16 as of this post. And UBS raises Spectra Energy Partners (SEP) to buy from neutral. The stock has been a chronic underperformer. No other news or upgrades/downgrades this morning. Stock futures are higher ahead of the open. Crude and nat gas are also rallying. Nat gas may be keeping an eye on action in the Gulf of Mexico though if something developes its already pretty far west to have any serious impact on Gulf rigs.