WHICH MAKES COMPLETE SENSE!
Yesterday's action pretty much adds to the argument that barring a complete meltdown of Europe, the market continues to shrug off Italy, Greece, or anything else. The euro is the thing to watch as the market continues to trade tick for tick with the euro. The MLP index closed down yesterday but off the lows of the day. It opens lower today as the equity offering from Energy Transfer Partners (ETP) weighs on the index. The stock is down over 2 dollars. Legacy Partners (LGCY) is doing an equity offering and that stock is down 1 and some change.
Iran tensions are up this morning as they may be close to a nuclear bomb. Great news there for Israel. This has oil up a buck this morning. Stocks open higher as we wait the italian vote but the markets are approaching the recent rally higher and are doing it on very light volume.
More posts later as we see developements play out. The mlp index is down a little less than a point.