We begin today in breakout mode in the markets. Stock futures are opening above resistence which has held the rally back for the last 3 months. MLPS however which were among the better performers of 2011 open up above 390 and in new all time high territory. And while there are no individual news drivers this morning, the drive to anything with yield continues. Oil is up 3 dollars to 101 on Iran worries and nat gas is taking a breather this morning on its way to becoming free as it hovers around 3 bucks.
In pre market action Oneok LP (OKS) which did well last year is up nearly a dollar and at new all time highs. Kinder Morgan (KMP) is also up nearly a point in the pre market. Enterprise Products Partners (EPD) is up 50 cents before the open. So its going to be a multipoint up open for mlps and after ISM at 10am, gains have a chance to get extended substantially if the overall market builds on its rally.
Not much else to say after a long weekend other than to point out that all the gloom and doom of Europe is continuing to become noise in the background as we seem to be going our own way.