DRAW A LINE AT 270!

I dont want to keep making much ado about the 270 level on the mlp index but it would be nice if we can finally clear it. We have been having some trouble making headway and thats because MLPS themselves have been taking advantage of the rally you see on this chart to sell new equity. Regency Partners (RGNC) is the latest to join the parade as it puts 10 million units on the market this morning. The stock is down 1 in the pre market. Also Regency will be at the RBC MLP conference on December 18th and has put up a slide presentation for your viewing.

We have a downgrade this morning of Boardwalk Partners (BWP) based on valuation. The stock is cut to marketperform. Not much happening so far this morning on the news front. The energy markets are lower this morning. Stock futures are a little lower after yesterdays gains. Gold is over 1200 an ounce this morning.

I just want to go back to the 270 level issue. 270 was an important wall where back in 05-06 we spent time building a base before launching that final assault to the 340 all time high top. So this is a logical place to find resistence. Year end issues are also beginning to play here with a push and pull in both directions. Of course we shall watch the situation carefully.

Markets are moving right along to dow 10500 while mlps are going nowhere today and thats mainly due to the Kinder Morgan (KMP) 1 point of downside drag.

Fractional gains on the board for a number of issues with the list split about in half. Downside movers have them confined mostly to small fractions. Duncan Partners (DEP) is down 40 cents is the biggest loser other than the above mentioned KMP. On the other side Calumet Specialty Products (CLMT) and Buckeye Partners (BPL) lead the winners list with gains of 50 cents or more. Williams Partners (WPZ) continues to rip the cover off the ball up another 85 cents at 29, Was a 26 handle just last Friday.

Last hour on the first trading day of the month approaches.

KINDER MORGAN DOES (ANOTHER) OFFERING!

Kinder Morgan (KMP) will be a bit of a drag this morning on the MLP index as they are doing a publick offering of 4.5 million shares as indicated by this 8k filing. Kinder does these offerings a little more frequently then other mlps but any investor who rode the ride in this one would be sitting at all time highs right now and enjoyed fabulous payouts along the way. The stock is giving back 1.50 in the pre market this morning.

Linn Energy (LINE) has a deal on the table this morning as its buying a 150 million in assets. The release says the assets are a good strategic buy with 20 years of potential reserves. The stock is bid a little higher in the premarket.

Not much happened yesterday other than the push and pull in both directions. Clearly the Dubai story has had minimal impact so far and unless there is another shoe to drop there markets are going to continue to trade in the stairstep uptrend. Stock futures are higher this morning by nearly 9 S&P points. Crude is higher nat gas is lower and the dollar is losing ground today against the Euro and Pound...all of which lately has been good for US equities.

Back to mlps if the market trends continue through year end 2 forces will be at work here. One will be the year end buying pressure of stocks of this top performing group..up over 50% plus distributions vs those who might like to book those profits before 12/31/09. My guess is in the bullish uptrend the former will overpower the latter. MLPS look to clear 270 on the index but Kinder Morgan (KMP) will definitely be a drag today on the index.

A little higher and then a little lower which is where we are now after lunch. The mlp index is down about .70 after being up about the same. Williams (WPZ) continues however to move nicely higher and has been in a solid uptrend since its earnings. TC Pipelines (TCLP) and Oneok LP (OKS) are the leading losers down about the same..75 or so. No news drivers on this last day of the month.

MONDAY AFTER THANKSGIVING AND DUBAI!

Took the day off from blogging Friday but did have my eye on things. MLPS came off Friday only a small fraction in the end which considering the market and the news backdrop was an excellent performance. Nat gas was up sharply and that may have leant a hand but crude was off over 3 bucks. The overall market looked like it was going to crack after the first selling wave but it held its own as the Dubai news took hold. Funny thing was that news hit the tape mid morning Wednesday but nobody seemed to pay attention until Europe sold off the next day.

Earnings news from Inergy LP and Inergy Holdings (NRGY,NRGP) and they are record earnings with 2010 guidance to be discussed this morning in a conference call. No other headlines this morning and nothing on the upgrade downgrade list. Stock futures were higher overnight, then turned lower and are now turning higher again. Crude is flat and nat gas is down about 17 cents after Fridays big gain of 35 cents. General feeling to me is Dubai right now is just another buying opportunity. Until the uptrend line is broken in this 2 up 1 down pattern we're in, there is no reason to change strategy. Last day of the month and then the last month of the year begins with its usually round of year end distortions. Looks like we will be opening a little higher.

HAPPY THANKSGIVING TO ALL!

I figured i would leave you a little early today as we will open higher and then probably spend the rest of the day going sideways as many head for the exits early. From the markets perspective we are at a much better place then we were a year ago...which is nice. Better is if you are in a better place personally then you were a year ago. Take time to give thanks. From my perspective a neighbor and longtime friend has seen her battle with stage 4 colon cancer come to an end.....WITH A CLEAN BILL OF HEALTH! CANCER FREE!! So good things are happening folks. Safe and Happy Thanksgiving to you and your family. I leave you with the great Charles Chaplin and this clip which i think says alot.!

MLPS are moving in their own world and rallying in here as we are up almost 2 points on the index and heading for that 265 wall. The overall market is a little lower and crude is lower. They seem to be leading the way for other energy which is consolidating from yesterday.

Kinder Morgan (KMP) Buckeye (BPL) and Williams Partners (WPZ) among the biggest fractional gainers this afternoon.

An interesting day.

Whoops...just noticed Morgan Keegan upgraded Kinder Morgan to outperform from market perform this morning and the stock is up fractionally. The company also updated its guidance.

BUSY BUSY BUSY!

Sorry guys but i had to run to pick my daughter up from college for Thanksgiving and its off to the dentist to get my teeth cleaned. In between checking into flat markets, flat mlps for the most part, no news and no upgrades or downgrades.

I will be back for some afternoon musings once my teeth are done! Its not this bad.

Its worth 18 cents to Constellation Energy Partners (CEP) unit holders but the President and CEO is doing some insider buying as per this filing.

The gain in mlp land has dwindled down to 1 points as the dow is up 120ish. Tape feels like it wants to weaken into the close.

Off the highs and in mlp land we we're up over 265 where we touched the high of the first thrust a few weeks ago and we've come off that. So lets watch 265 as an important point here. Im wondering whether we might be setting up for a short term reversal in here. Just a feeling.

Buckeye (BPL) Oneok (OKS) and Natural Resource Partners (NRP) lead a long list of fractional winners while TC Pipelines (TCLP) is down 75 cents. They are coming off last week's stock offering so there is some overhead supply there as there is for Nustar (NS) Holly Partners (HEP) and some others. Also we'er in light volume Thanksgiving mode.

Dow up 129 as of this post and off the up 170 from earlier.

THANKSGIVING WEEK BEGINS HIGHER!

Going back 1 year ago to the beginning of Thanksgiving week finds us only about 30 points higher on the mlp index. Thats because the final horror of the 145 low on the index did not occur for another couple of weeks. Everyone here should remember the abyss we sank into to reach that final climax bottom and it certainly was not physically or emotionally pleasant.

So here we sit a year later at 262 and some change. The market has been in rally mode since March. MLPS have been rallying for almost 11 months going back to last December. Lots to be happy about even if we arent exactly back to the promised land.

Im not expecting much to happen this week to our companies in the mlp universe. No news this morning and nothing on the upgrade downgrade list. Energy is up this morning as the dollar is down so it looks like another one of these strong Monday's is setting up pre open.

COPANO AND ENERGY TRANSFER PARTNERS???

This was the chatter yesterday fueled by a Bloomberg story that ETP had approached Markwest (MWE) and Crosstex (XTEX) and got turned away and is now talking to Copano (CPNO). The discussion continues on the Yahoo board. Considering ETP has a stock with currency value as do some others; frankly i'm surprised we havent seen some marriages in the space. Perhaps thats coming in 2010.

Okay its Friday and the dow opens down a little. MLPS are down by a point on the index at the open. No news and no upgrades or downgrades in the group.