Good Morning....and why not start the morning with a chart of the DOW JONES INDUSTRIALS which unless you have been under a rock or in a cave lately..has been dropping sharply the last two days. But note that this seems to happen every few months in this sawtooth uptrend we've been in and until we take out my moving average support lines i'm not too worried..nevous yes...but not worried.

Meanwhile this morning we have earnings out for recent MLP IPO Regency Partners and its one of those reports where you have to dig a little because of the IPO stuff. Some of the important stuff includes revenue up 89% and DCF was 1.90 times. No other news so far this morning and no upgrades or downgrades. In the broad picture we have everything down this morning with oil down 2 bucks..gold down 20 bucks...nat gas down...the dollar down...the world markets down and s&p futures down (but not by a whole lot) so we could be setting up for a bounce this morning


The chart above is a weekly plot of the net asset value (NAV) of First Energy Income fund
Below is a chart of First Energy Income fund (FEN)



I happened to look at a bunch of these guys and over the weekend and noticed that for the first time in a long long time they are selling at a big discount to NAV. Tortiose Energy (TYG,TYY) boosted its distributions on both its funds Friday. For those of you who like to buy these closed end funds at a discount to NAV you have your oppourtunity here. The discount has been increasing and is now over 10%. Check out Kayne Anderson (KYN) and Fudiciary Claymore (FMO) as possibilities. For NAV add an X before and after the ticker symbol (XKYN).

Just took a look at pre-opening bids on some Nasdaq MLPS and they look firm...so lets be optimistic for a good day.