The advertised correction is continuing today but note that the XOI is rapidly approaching support at the 34 day moving average around 947-950. Last trade at 955. MLPS are having their biggest correction since APRIL 2004 and this should once again be another buying opportunity.

They are also finally getting around to selling the better performers as Energy Transfer and Maggellan Midstream are taking $1 plus hits. I took a position today in ETP and added to my MMP position on this weakness.

Also 1 point declines in Markwest (MWE) Crosstex (XTEX), Northern Borders (NBP) and Plains All American (PAA).

News of Kinder Morgan and Sempra Energy sharing a pipeline, the only news of the day so far. No upgrades or downgrades to speak of. EXXON/MOBIL down another 1 and Kinder Morgan (KMI) down 90 cents.