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Tuesday, October 11, 2011


The tug of war in a 1000 point range continues. Last week we got down to 10,404 on Tuesday. 5 trading days later we're up 1000 points. Its nice to get a years worth of gains in a week! Such are times these days.

Markets this morning are focused on the latest Euro drama as they wait to see if Slovakia approves the plan to the plan to the plan that Europe continues in the game of kick the can. If they do not pass this plan to plan to plan, then its back to the drawing board for Europe and i suspect we will see a quick couple of hundred points come out of the market. Day after day the trading has become a bit of a headache.

MLPS meanwhile move right along with the tape as we have come back to the top of the recent trading range for the group. We have distribtution news from Plains All American (PAA) which is raising its payout by 1.25 cents. The payout announcements should be coming fast and furious for the group in the next few weeks. No upgrades or downgrades so far this morning. Stock futures are lower after yesterday's rally. The dollar is higher and oil and nat gas are lower along with gold. We're at the top of the range so i suspect the rally has gone as far as it can go given that nothing has really changed since last Tuesday.

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