Good Morning,
Quiet this moring; today its all about the fed meeting and the next 1/4 pt hike. Recent MLP strength suggests to me that the group has sniffed out an end to rate hikes. We'll see what is derived by today's statement.

Meanwhile on the corporate front late last night TMG agreed to be aquired by Semagroup. Transmontaigne (TLP) meanwhile rose on the initial news and has since given the gain back. The question for TLP will be if Morgan Stanley (the new owners) will be aggressive in buying assets to grow TLP or not. TLP has not been around long and if one looks at the chart...there is an almost perfect inverse head and shoulders bottom that was formed and the stock has reached a near breakout point. Back to the TMG/TLP issue i would think Morgan did not buy this GP just to sit around and collect a flat non-growing yield.

No upgrades or downgrades so far this morning. PAA and ETP at 52 week highs and chart breakouts on both. These 2 have emerged as the current group leaders.