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Wednesday, November 02, 2011


Looks like for the time being we're getting a little bit of a break this morning from the non stop headlines from Greece but be advised that this is only temporary and of course the focus shifts to Italy and Spain. We have a busy day ahead though with the fed meeting which last time set off a big decline when they came out with a very gloomy economic outlook. I guess we may find out how much of the October rally was predicated on QE3 if the fed doesn't announce it today. So at least for the open this morning we are going to see about a 100 point bounce after being down nearly 600 dow points in 2 days. And Memeorandum has some nice pieces on the Greek vote and what it may mean for the Euro. Its not good.

MLPS lost 6 points on the index yesterday as markets tanked. This morning we have earnings from Magellan Midstream Partners (MMP) and Energy Transfer Equity (ETE). Magellan had a record quarter and is firing on all cylanders. ETE has put out headlines but im waiting for the full press release. No other the news and no upgrades or downgrades.

Im not sure if anyone has noticed but there have been a lot of commercials lately on CNBC about the MLP ETF's which has led me to wonder how much has ETF trading taken over in this space. And you have to wonder if sellers ever do show up here in force whether they will push mlps down harder but then again ETFs are so dominant now in daily trading that they have in effect become the market. But at least for this morning we're getting a bit of a breather as we wait for the Fed and any other headlines that could be breaking from Europe.

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