LINN ENERGY HIGHER IN PRE-MARKET

EL PASO EARNINGS

Not sure what the reason is but it is unusual to see action in the pre-market in MLPS unless something going on. Last trade at 23. Earnings due out tomorrow. There was a post on the yahoo message board that the company may announce a distribution increase tomorrow when earnings come out. We'll see if that has any merit. Chart looks dismal but we could rally back to 25 where the moving average resistence sits.

The MLP index is also fighting moving average resistence as that long base gets longer and longer.

Earnings this morning from new issue El Paso Partners (EPB) which are the first numbers by this recent IPO. Elsewhere Hiland Partners gets a mention from Lehman Brothers leaving it at an outperform but lowering its target price. I think this got leaked out yesterday based on the stocks action where it was down nearly 2 and then it rallied late in the day. Stock futures took a small hit this morning with the PPI number though i wonder whether that will be relevant later this morning. Market looks like it wants to extend the rally from yesterday.