LOOKING FOR DIRECTION
REGENCY BUYS NEXUS GAS

Quiet Monday morning here for the most part. We have some news for Regency Partners (RGNC) which is buying Nexus Gas. Its a small purchase but it is immediately accretive according to the press release. And we have Citigroup upgrading Semgroup (SGLP) to buy from hold. Other than these 2 items it is one of those watching paint dry mornings.

MLPS staged a reversal Friday ahead of the rest of the market. The index was down 2 points and under 290 and closed up 1.50 points to 292.55. I don't want to read too much into this yet but at least Linn Energy (LINE) was up last week and back near 22; which is alot better than an 18 handle. That 290 level continues to be the baseline support as we continue to construct some sort of bottom.

Energy is up this morning with the focus again on natural gas which was up sharply but has pulled back off the highs. Stock futures are flat as its all about AMBAK and if and when we'll see a rescue.