3 PT SELLOFF YESTERDAY...FOLLOW THROUGH TODAY?

EV PARTNERS REPORTS EARNINGS

WILL TERRA NITROGEN BOUNCE?

The new wall appears to be 336 which is were the selloff began yesterday and we know start today just under 333 after dropping nearly 3 points yesterday. A lot of the big MLPS pulled back with 1 point or more losses in Teppco(TPP) and Oneok(OKS) for example although the two heavyweights in the index; Kinder Morgan(KMP) and Enterprise Products Partners (EPD) did drop by much. And of course the correction to beat all corrections may have hit bottom yesterday as Terra Nitrogen LP (TNH) went straight down from 99 to 77 without blinking an eye. A bounce is certainly due and the stock is up 2 points in the pre-market. At 77 it has a yield in the mid 7% range which is on the high end for the group. So assuming there is nothing else going on here other than a violent round of profit taking...a bounce to the upper 80s is in order. I hope so since i have been building a position for this since early
yesterday.






E V Partners came out with earnings after the close yesterday. There has been a tendency for the big movers to sell off on their earnings news like Linn Energy which dropped 2 and change yesterday.

Energy is a little softer this morning at the open which doesn't mean much. No upgrades or downgrades. Stock futures are a touch higher in the pre-open.