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Wednesday, November 09, 2011

The ECB says it will not bail out Italy as bond yields there exploded through 7%. Meanwhile we are just 25 points off the lows of the day here of minus 310 on the dow. The mlp index is right near its support between 355-360 and it wont be a good sign if that goes. Watch carefully tonight if margin calls in Europe begin a vicious cycle of more margin calls and in effect more selling. And then the last straw might be if Italy has a bond auction and no one shows up for it.

EV Partners (EVEP) is the biggest mlp loser down over 3 points. Plains All Amercian (PAA) is down nearly 3 points as well. Sunoco Logistics (SXL) Nustar (NS) and Calumet (CLMT) among the few winners up fractionally.

The last 2 hours are going to be fun.

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