THE RUSH TO SELL EQUITY

I guess everyone is rushing to sell shares in equity offerings before the year ends and Energy Transfer Partners joins that party with a public offering of stock. The company however also issued guidance for 2008 which forecasts higher EBITA. Because the company is changing their fiscal year they are going to do a four month distribtuion to even things up. Reuters has a breakdown on the guidance increase.

Meanwhile we are all recovering from yesterday's post fed collapse. MLPS closed flat on the index after being up most of the day. Actually the group performed quite well yesterday until the fed news and then the market wagged the dog. I think going into the meeting MLPS were acting like the fed action would have loosened up the siezed up credit markets and the gas came out of the bag when that didn't happen. Still the action yesterday especially in some issues like Kinder Morgan Partners (KMP) was very encouraging that the group sell off may finally be winding down. 13 trading days left for tax loss selling. And i have to think that Energy Transfer Partners (ETP) equity offering may be among the last offerings coming on. Once that is discounted we may finally get to move foward.

Stock futures are sharply higher this morning with the dow futures up about 100 points and S&P futures are up nearly 14 points so we are getting some bounce in here on news that the fed may have more tricks up its sleeve. Energy is a little higher.