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Thursday, November 03, 2011


Honestly their are moments lately where i long for a less inter-connected time. The Greece drama continues as the referendum on the Euro is on again, off again, on again, off again. Last night when i went to bed dow futures were down 160 and the S&P was down around 1213. And of course this morning as has happened many times in the last few months, the entire move is reversed. The ECB came out and cut rates by 1/4 pt which no one apparently expected. So European markets are trading as if everything is wonderful. Schizophrenia is a wonderful thing to live with.

MLPS continue to move with the market. You have to keep any eye on that 375 level and what happens if we get down to 355-360 where my favorite support lines lie. Until then the trend remains sideways until the overall market gives us direction that we can trust.

No news to speak of this morning and no upgrades or downgrades. The overall market is under headline risk for whatever happens in Greece today. The Euro is higher but well off the highs of the day. Actually if you want to watch one element in this tape, watch the Euro as the markets pretty much trade tick for tick with the Euro currency. Crude is doing the same thing. Nat gas is always in its own little world and is flat. So fasten your seatbelts folks for another crazy day.

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