RATES CONTINUE THEIR DECENT!

Rates are dropping and stock futures are dropping as well. The debt deal is done and the reality is that the economy is horrible and recession is a possibility off the horrible gdp numbers. The drop in yields and the probablitly that the downgrade has been put off temporarily means middle and lower grade debt will be relatively safe from sellers. MLPS were strong most of yesterday but then sold off in the last hour to finish up 1 and change on the index. I would expect them to drop with everything else although they may outperform relative to the rest of the market.

Working this morning but will post from time to time as trading begins. It doesn't look like a god start.