FLAT MARKETS AHEAD OF THE OPEN

There isn't much going on this morning after yesterday's small sell off. MLPS lost a few ticks yesterday but the index is holding just above 400 or 2.5% below its all time highs. Crude is flat ahead of inventory numbers and nat gas continues to probe the 2.20-2.25 bottom that for now seems to be holding. The overall tape remains firm and i think the main thing to watch is the ten year.

The yield market has run to 2.40% which is the October 24th high when Europe instantly solved their problems. MLPS can continue to ride the market tailwind i think as long as yields don't spike higher above that high. A decisive uptrend here in yields could drive the late money in mlps out to other instruments. Some of that may be tempered by rising stock prices but this assumes that markets overall won't start paying attention to yields going up.

No corporate news and no upgrades or downgrades. Its a sideways open and we will go from there.