Breitburn holders are getting news this morning that Provident Energy Trust will be selling their holdings in some Breitburn interests. The market has taken 1 point and change out of the price and it sits at 23. Now remember that the distribution may go to 2.30 annual in q1 so we have a 10% going foward yield. What this means longer term i'm not sure. The trust is selling out shares of a recent ipo. Their view could be " we made a lot of money; time to move on."They also mention Canadian tax law playing a role in their decision. They join a long list of MLPS dealing with stock supply. I'm not sure if this says anything negative here other than there will be stock supply for the market to chew.

Elsewhere its a hard market selloff but relatively speaking MLPS are holding up better. The index is down 2.50 and off the lows of the day. Its straddling its important moving averages on the chart. Breitburn and Buckeye Holdings (BGH) are the 2 biggest losers off 1 and change. Other `1 point losers include Nustar Holdings (NSH) Atlas Energy Resource (ATN) Inergy Holdings and Inergy LP (NRGP,NRGY) and Global Partners (GLP).

Not many winners today. Spectra Energy Partners (SEP) was up 1 earlier...now up 75 cents. Magellan Midstream (MMP) is up on earnings news. Earnings up also for Inergy and we have Energy Transfer Partners (ETP) buying some propane businesses.

If you take the view that the overall market is going to head for a retest of 1300 on the S&P and 11800-12000 on the dow...basically around the January panic lows....then we need to stay above 275-280. If the group is finally diverging from everything else then we have no worrys about dropping down into that abyss again.

Someone posted about Constellation Energy Partners (CEP) and why its getting hit day after day. Last week the company announced it would be selling units in a mixed shelf but i think the fact that the company did not boost the distribution last quarter is probably weighing more. And now that we're ex-distribution the last hangers on who were waiting for a payout can now bail out. So we have another MLP that joins the growing list of 10% yielders.