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Tuesday, July 26, 2011


Back from Saratoga where the day day at the track could not have been worse. I had one winner in a chalk fest that included rain, races taken of the turf, numerous scratches, and a hole in my wallet. I somehow hoped that i would wake up with money in my wallet but no such miracle. Now its back to the sideshow in Washington where the circus continues and the clowns continue to display their acts over each other. Conservatives are revolting against the House Speaker. The president says we have to something to prevent a crisis. And on and on it goes. Markets are still behaving as though disaster will be averted and it probably will be. In which case this is nothing but a whole lot of noise. And in the event that they can't sign a deal, maybe the markets will start exerting arm twisting toward week's end. But for now we trade on.

MLPS lost a couple of points yesterday and this morning we have Regency Partners boosting the distribution and Chesapeake Energy (CHKM) is also boosting their payout. Energy Transfer Partners (ETP) announces its payout. Energy Transfer has struggled as their payouts have gone nowhere and neither has its stock price.

No upgrades or downgrades. Stocks and bonds are flat. Nat gas is a little lower na d crude is a little higher this morning.

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