ITS ABOUT THE DEAL!

Everything hinges on the deal. For those of you following all of this we recommend newsflashr and also memorandum web sites.. Bookmark these sites folks. They are great for getting stories from multiple sources, blogs, etc etc etc. And this morning we are looking at the kind of day where every headline from the land of windbags (DC) will move prices. So hang on folks for a wild day. All this going and we have the death of Washington Mutual as the feds finish them off. Could be the reason for the additional credit market spread. And the Wamu collapse might give some congressman some cover for the bailout plan. I wonder whether the feds moved in on Wamu in order to raise the pressure to pass the bailout.

The mlp index is coming off a very good day yesterday where they outperformed everything else and even closed on the day's high tick...up over 6 points. We've been down 4 weeks in a row on the weekly chart but notice that all we need is a 1.72 increase today for an up close and a dogi hammer formation is on the weekly chart. So there are some technical signs that a bottom is forming but we've been down this road before.

All the daily action on the chart still has not generated a buy on the MACD. But we are getting close.

The S&P 500 chart is looking bottomy and the On balance volume continues to move higher. And you have to believe these children will eventually come back to the table and make the deal.

Haven't paid much attention to the one MLP that is into Agriculture but Terra Industries (TRA) which is the GP of Terra Nitrogen (TNH) is being downgraded today by Citigroup. Nothing much else happening today.

Yesterday we say a couple of the MLP funds take hits as Tortoise Energy (TYG) did a public offering of shares. First Income Fund (FEN) and Kayne Anderson (KYN) also sold off by 1 plus points. It could be end of quarter related as i noticed some odd action in some mlps yesterday. Of course maybe the upside yesterday was end of quarter related?