Okay so there are all different ways with this but for Europe the cyst is about to rupture (yuck!) as we have the ECB meeting tomorrow and the latest meeting of espresso drinkers (im one so i can say this) will come foward and tell us when the next meeting is. The latest new-old proposal about levering up the ESF by splitting it in 2 was rejected by the Germans. Yields in Europe are rising again in France and Italy. Yields are falling in Germany and here in the U.S. Its more of the same crap. Frankly i am shocked that the markets have been so patient and maybe its going to take a big financial accident to get Europe to act.
Since we can't seem to lance the Euro boil (yuck again) lets talk about more pleasant things like the mlp index which is sitting just 4 percent below its all time high but it is having trouble here getting decisively through the 375 level. Nustar (NS) is the latest to do an equity offering and that weighed on the index yesterday.
The headwinds on the charts come at the same time as the key metrics of the overall market have once again stalled at the 200 day moving average. This is the 3rd trip up in here and it will be the next 3 days that will decide whether we break above that or put in a top that will last for quite awhile. Some are predicting that this will not end well.
Some corporate news is an IPO that is coming as Inergy LP (NRGP) will be ipo-ing its midstream assets and the symbol there will be NRGM. Not much other corporate news in the group and no upgrades or downgrades. Stock futures are lower following Europe and the Euro. Crude is a little lower ahead of inventory numbers. Yields are lower as the dollar moves higher. The metals are a little higher. The open looms.