EUROPE UNRAVELING..MARKETS HEAD SOUTH!

News last night that the Greeks will vote not once but twice on the Euro deal is bringing to a head the reality that this deal was nothing but bullshit. The German Dax is down 5 1/2% this morning and Italy and Spain are down almost 6%. We have our own futures pointing to a Dow open of down about 200 points. This wipes out all of last Thursday's ridiculous gains and then some. It has been my contention that if it took 17 trading days to take us up 1800 dow points, that we will give most or all of that back in less than 1/2 the time. If i am right we could be back down to the bottom of the trading range by the middle of next week!

No doubt MLPS will be following the market along this morning. And it could get ugly for the markets as the day wears on so we will of course keep a watchful eye over whether mlps can continue their relative outperformance. We have no news on the corporate side this morning. Citigroup is raising Boardwalk Partners (BWP) price target this morning off of yesterday's earnings.

Im in the process of cleaning up 12000 emails and discovered i may not have answered a few. My apologies! If i missed you please email me again. I've made a vow to clean up my mailbox.