Good Monday Morning!
Of course the big news this morning is the shutdown of the BP pipeline in Alaska which takes 400,000 barrels a day off line and that is sending crude up a buck and a half. Also Iran is threatening to take oil off the market if the UN doesn't let it build a neuclear bomb to blow up the world with (the UN is not sure what to do here!). So the pressure on the S&P which is down 6 means a lower stock market open. The 10 year yield this morning is steady at 4.91%
Corporate developements this morning..we have a Markwest Energy (MWE) conference call Tuesday on their earnings which were very good. Copano Energy (CPNO) has earnings due out after the close today with a conference call tomorrow morning. Nothing else happening on the corporate front.
AG Edwards is downgrading Oneok Partners (OKE) this morning from buy to hold. The stock had a nice run recently. It might be an opportunity to pick some up here at lower prices...I would think a pullback to 51-52 would be a good entry point. Laddering in is probably the best way.
Hurricane activity is non-existent with the only possibility being distrubed weather way out in the Atlantic near the Cape Verde Island which could develope into something. Natural Gas is down 30 cents as the threat from Tropical Storm Chris has disappeared.
So we have an interesting day shaping up with all these cross-currents. Open to come in and hour or so!