MLPS CONTINUE TO FOLLOW THE LEADER

A couple of things going on of note. One is the clear fact that we are following the market lower. Its hard to make any kind of headway when everything is imploding around you. If you are standing on the edge of a growing sinkhole eventually as that hole spreads it becomes very hard to keep from falling in. Pulling in the other direction is the yield spread to the 10 year which is getting close to 300 basis points which is on the extreme end of undervaluation. Insiders continue to add shares with open market purchases. Regency Partners (RGNC) joins that parade last night with this filing and this one and this one. Support just below at 290 on the MLP index but with stronger stock futures this morning, at least we have a higher open to watch the sellers sell into!

No corporate news this morning and no upgrades or downgrades.