LINN ENERGY EARNINGS ARRIVE TODAY
CRUDE UP SHARPLY ON IRAN WORRIES
MLPS DOWN 2 IN A ROW...CORRECTION (FINALLY?)!

Crude oil is up sharply this morning at over 64 a barrel as supply fears and Iran are driving prices. Stock futures are reflecting this as they are down about 5 points on the S&P in the pre-open. I would think that at least at the open selling should impact MLPS. Yesterday the group finished a little lower with a small loss on the MLP Index. Support on the chart sits around 300-305 area and the last time MLPS corrected down to the moving average support lines that i use (34,55,89,144). The last time we had a correction in the group was back at the end of last quarter and we are now at the end of the first quarter. It doesn't always happen the same way but sometimes it does.

Last night Legacy Reserves (LGCY) announced its hedging program into next year. It also revised earnings from last year due to some accounting errors regarding swaps.

I will be adding to this post as the morning wears on.