MLPS HOLD FIRM YESTERDAY...

OPENING HIGHER TODAY

We are at Friday in an active week with lots of earnings news and Dan Duncan deals with Energy Transfer Equity and Teppco so today we seem to be taking a breather in the news department. There are no headlines of importance this morning. RBC Capital Markets is raising its target price on Markwest Energy(MWE) from 30 to 39 bucks...the stock sits above 36. Credit Suisse starts Cheniere LP (CQP) at a neutral.

So what do we make of yesterday where the overall market sold off 1% and MLPS closed flat. Well from a relative strenght basis we're still attracting buyers on any attempt at weakness which is a good sign. I thought last week we would correct to the 34 day moving average at 323 which did not happen. All it took was for Dan Duncan with his equity stake purchases earlier in the week signaling to the market that in his view the group still looks attractive.

PPI numbers this morning were market friendly so futures are firming...oil and gasoline are higher...nat gas a little lower. So we await the open and i will post with any breaking headlines.