NO DEAL!

The so called 4pm deadline has come and gone and no deal from the children in DC. So now we see what markets will do. Futures trading begins at 6pm for stocks. The dollar is always trading so for the latest on futures you can check CNBC. Btw if you check before 6pm you will see Friday's close and not the Sunday night trades.

I have been trying to think of the impact on MLPS if we go into the abyss with this debt ceiling charade. First off you will probably see the short end get piled into and the long end sell off. What is unknown is how long rates will go. Do they spike higher significantly? Do they spike initially and then rally back as traders figure we may not be AAA rated anymore but we're still better than everyone else. I think we should watch the German 10 year bund to see if that becomes the new flight to quality benificiary. And if the selling really gets out of control this could be a great buying opportunity for MLPS. Or this could be much ado about nothiing from a markets perspective after initial reactions. I sold out of my nat gas Wednesday and made a nice trade and am sitting with a little pile of money. And btw there are still a week to go before we get to the supposed drop dead date of August 2nd.