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Thursday, November 06, 2008


Not exactly a ringing endorsement of the President-elect but then again the rally into it was a bit odd. So we're back to 9100. MLPS were down yesterday by a little over 4 points so relative outperformance continues as the charts indicate.

Frankly i thought futures would have been much lower this morning. When I went to bed last night S&P futures were down 35 points but this morning only down 12 or so. Bank of England and the ECB will announce rate moves this morning so we may be seeing short covering ahead of that. BULLETING...B OF E CUTS INTEREST RATES BY 1.50 BASIS POINTS! WOW. Market poised to open flat now as futures rebound.

Earnings last night from Legacy Partners (LGCY) Plains All American (PAA) Copano (CPNO) and this morning we have numbers from Exterran Partners (EXLP). There might be a few more companies reporting today and when they hit i will post.

Nothing on the upgrade/downgrade list yet. Energy prices are lower this morning as they follow the equity markets. The dollar is higher this morning. Headlines as they break.

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