THE CHARADE ENDS!

Finally after so many weeks of bullshit comes the deal we all knew would happen with just moments left on the clock. Its like the old criticism of those who don't like basketball and just wait until the last 5 minutes of the game to watch. Still there are winners and losers in this deal and in the end its all pretty meaningless since it still may lead to a debt downgrade. But for this morning anyway the market is in rally mode but off the highs of the overnight futures session when it was plus 200 at one point on dow futures.

MLPS actually closed higher Friday while the market lost for the 7th straight day but this morning we will probably open up big by 5 or 6 points on the mlp index. This is because mlps were being sold on the idea that if there was a default or downgrade, the lower grade debt vehicles would suffer the most as portfolio managers rebalance to keep their funds in an average high grade. So at least at the start we will get a nice bounce. Energy markets are higher this morning for the same reasons and the threat that there may be another tropical storm forming this morning. Reconnisance aircraft is investigating as i type.

In individual company news Boardwalk Partners (BWP) which did not report good numbers last quarter puts up earnings which were light on revenues by 25 cents ( most of the time doesn't matter much) but the company did raise the distribution. The stock is down 14 cents in pre market trading. Conference call to come at 9am.


And finally this morning, what MLP is up 7 fold since the December 2008 bottom, has not missed a distribution, and was up nearly 7 dollars on Friday on a Wells Fargo upgrade and good quarterly results? If you said E V Partners you are the winner, espeically if you had the guts to buy the stock in 2008 when it traded under 10 dollars. But if you remember the world was about to end back then.