SOME MLP DOWNGRADES THIS MORNING

SOME EARNINGS NEWS AND

HOLD YOUR BREATH ON THE FED!

Wednesday morning begins with the MLP index just under the 310 level and at new all time highs. The day after day upsurge just keeps rolling on and frankly a few days of downside would be welcome for those of us who wish to add to positions or start new ones. Nonetheless the rally that began last October shows no signs of abating.

Crosstex LP (XTEX) announced last night that it will be holding its annual anal-ist conference late next week. This will probably seen as a positive since its earnings report has put the stock on the defensive. I suppose they would have cancelled it if they did not have some positive things to say for later in the year and next year. A relatively new ipo is Legacy Reserves (LGCY) and they came out with lower earnings last night but they also are buying up some assets that will be immediately accretive to earnings and will also bring a higher distribution but the company does not say by how much.

Citigroup is downgrading Duke Midstream (DPM) from a buy to a hold. It is also downgrading Regency Energy (RGNC) from buy to a hold. Friedman Billings is reiterating Legacy Reserves (LGCY) as a buy and is raising the price target to $29 from $27 dollars.

The fed will be center stage today so trading will probably come to a grinding halt around around or just after lunchtime.