FED CUTS 75 BASIS POINTS

Okay...no surprise this morning that we had slipped off the edge of the cliff. The fed cu 75 basis points, the market rallied well off the lows and then sold off again. We are only slightly off the lows on the overall market. The 10 year is at 3.52%. This is going to be one of those opens folks. MLPS will get caught in the downdraft at least at the start.

I don't know what this is going to do if anything but Energy Transfer Partners and Energy Transfer Equity (ETP,ETE) did approve their distribution increases. No other news and this is the kind of day where its about the markets anyway. Nothing is on the upgrade downgrade list this morning.

At this point lets get through the open and sit back and review. Not going to be pretty.