UGLY BUT AFTER ALL IT IS CHRISTMAS!

Since we can't seem to get joy out of the MLP chart i figured i's put up some Christmas lights this morning and brighten things up because we sure as hell can't seem to get it from this group right now. I haven't seen any filings but the tape yesterday had a feel of someone unwinding a big position which began around 10:45 and carried through until about lunchtime. Then the group got the rug pulled out from under it in the last 30 minutes and we closed right near the low of the day. So let's start a new day here. Genesis LP priced a large stock offering of 8 million shares. They upped it from 7 million. Its interesting that a few of these companies have increased their share offerings in here even though prices are well off their highs. Buckeye (BPL) did it last week. Williams (WPZ) is in the process of doing a nearly 10 million share offering. We'll see if they will be raising shares.

Citigroup is upping Teekay LNG Partners (TGP) from hold to buy. Nothing else on the news front this morning. Stock futures are nicely higher and we should see a rally going into next week's fed meeting. Oil futures are higher on no OPEC cut.