We're waking up this morning to all sorts of craziness as every headline out of Italy is moving the markets. Bond markets there are seeing yields blowing out to new highs and yield spreads between Italy and Germany at all time highs so the contagion from Greece is spreading west. Meanwhile the markets are also moving on whether Berlesconi (Prime Minister of Italy) will or won't resign. Its coming to where news organizations are checking his facebook page for market moving headlines. This is the world we live in. Meanwhile we're being pulled back and forth by those headlines. Now stand by people im about to make a statement...ready???? Ok here it is. "Im becoming more and more convinced that our markets have pretty much discounted all of this Euro-shit..and unless we see something on the order of a full scale default and meltdown..our markets will probably move higher in the next few months." There i've said it. I've thrown in the towel. Now if there ever is a reason to sell, i have just given it to you by going bullish!
MLPS meanwhile are continuing this sideways move near the top of their recent range and 375 is the new wall here for mlps to chew through. If they get through it then 390 is the next stop and perhaps a move to new all time highs. This morning Wells Fargo is upgrading Eagle Rock Energy Partners (EROC) to outperform from market perform. And the other headline is from Targa Natural Resources (NGLS) which puts up earnings this morning.
In other markets Stock futures were sharply lower early this morning by 150 dow points..now down just 25 and right near fair value. Oil is up, gold is up, and nat gas is down. The Euro is down by about 1/2 a cent from Friday's close. Look for markets to move higher today after the open as the Euro-news is pretty much becoming a big yawn. And remember folks i have just turned bullish! And btw if u can read Italian here are where the worlds headlines are centered right now.