MLPS continue to benefit from year end pile on as the index is down just 1 point and a few ticks while the overall markets are down over 1% as of this post. The index is still just a few points below new all time highs as the outperformance this year continues as the days wind down to a precious few for 2011.
Much of the overall market action is centering on the EURO which is down to 128.80 right now and at an 11 month low. The sharp down move came this morning as markets are underwhelmed by Italian short term auctions today and we wait for the 10 year note auction there tomorrow with yields near 7% which is considered by many as the point of no return. Meanwhile here 1250 on the S&P is holding and the index is down 5 points for the year as of this post. The dow is up 5% and nasdaq is down 2%. We spent an entire year basically going nowhere.
Last hour will be important to see if bears get the upper hand or not.