We closed up nearly 2 points and near the high of the day. Nothing inspiring on end of quarter. It was actually pretty tame compared to some past end of quarter days.

At least we are but a month or so away from the next round of distributions.

Not bad so far today. The index is up .75 and about 1 point off its high. Looks like a firm tone to most issues. Inergy Holdings is down about 50 cents as the biggest loser but thats on just 1000 shares. Most of the losers are showing small fractional losses while the winners are showing small fractional gains. Sunoco Logistics (SXL) is up close to 1 point as the biggest winner. End of quarter stuff going on so i would look for some swings in the last hour.

Trying to get some clues today as to where the end of quarter nonsense will bring us. George Ball, money manager for some firm which i did not catch, was touting MLPS as a good way to go from here as far as putting money to work fwiw. Stocks look to open flat even with the Merck disaster of the day. Nat gas is up, oil is down this morning.

301.13 to 272.72

Down over 28 points for the quarter or just a shade under 10%. That is what the MLP index did for the quarter. And of course the losses among many individual issues is far worse. The low of the quarter was 262. So now we are at the last day of these horrible 3 months so there should be all kinds of end of quarter nonsense today. Beware of odd moves that could occur in both directions.

Targa Resources (NGLS) chooses today to bring quarterly earnings out on the table. All kinds of distortions here due to purchases. No other headlines and so far no upgrades or downgrades.

Back from vacation so its back to normal blogging. Also got to get my taxes done.

En route home to NY. Blogging from Ft. Laurderdale airport. Looks like a stronger open this morning on the back of stronger futures. No news drivers that i could find this morning and no upgrades or downgrades.

Nustar priced its offering yesterday at 48.75. Looks like that one will be under a little pressure this morning.

VACATION TAKING PRIORITY

OVER MLPS TODAY!

Sorry for the lack of posts but it is the last day of vacation on the beaches of South Florida. Heading for Smith & Wolinsky's in Miami for dinner tonight then its an 8am Friday flight back to Islip NY where its in the 30s.

Nustar (NS) is down 2 on a stock offering today...otherwise after a higher open we have sold off a bit but it looks orderly after a 3 day run-up.

Nice finish with a 3 point plus gain on the MLP index and a number of mlps were up 1 point or more which is always nice to see.

heading out to dinner. Today was the last day to sell or buy for settlement by next monday which brings an end to the first quarter.

MARKET DOWN BUT MLPS UP!

Thats a switch with the index building on gains since the open and its up 2 points while the dow is down 100. Energy is strong today with crude up 4 dollars so that is providing support. Also it appears the great hedge fund unwind has run its course; i say appears because you don't know what is out there but i guess last Thursday morning's blowout of the big stocks in the group may have signaled a bottom.

Late first post this morning as my vacation is winding down. Flying back on Friday so i should be back to normal next monday. Plains All American(PAA) which was up 2 yesterday is up 1 and change today and leads the way higher. E V Partners (EVEP) is up nearly 1 as the ceo picks up another large block of shares on the open market. Also a second insider picked up shares.

Tape overall feels a little better and certainly the outperformance relative to the market is encouraging.

NICE UP DAY YESTERDAY

NOW FOR SOME FOLLOWTHROUGH!

One day does not an uptrend make so we need to see some more upside today to add to the nearly 5 point gain on the index. It was certainly long overdue and in fact we need to play some catch up in here to gain any sort of confidence. Still 1 to 2 point gains in some of these yesterday is at least an indication that these issues can recover lost ground rather quickly given the right circumstances.

Watch the reactions of Boardwalk(BWP) and Teppco (TPP) as both companies priced some debt last night. Teppco priced long term debt at what looks like some favorable rates. Boardwalk did a private placement of senior notes. Given the credit conditions a favorable reaction could be a sign that at least at some level the sieze up in credit conditions may be improving for mlps. Boardwalk also getting an upgrade to outperform from Morgan Keegan. Second upgrade for this issue in the last week.

No other headlines that i could see though it is possible i missed something. I'm blogging from a friend's computer this morning in beautiful West Palm Beach where it is a crisp 53 degrees this morning under a sunny sky...but better than the 20s back in NY.

I've taken care of the ad issue but it may take 24 hrs or so for it to take hold. Stock futures are stronger this morning as last week's bottom looks more and more like "the" bottom and not "a" bottom.

I have changed my ad specs to allow for only family friendly ads but it may take 24 hrs or so to take effect. Again my apologies.

SORRY FOR THE RISQUE' ADS. I'm addressing the issue and will have them removed. They should not be there in the first place. Again my apologies

Up 5 on the index this morning as just about everything in the group is moving higher with lots of 1 point plus gains or at least strong fractions. Finally some positive movement but we have a long way to go just to bring us back to something resembling normal.

WILL MLPS RISE TODAY?

Doubtful but if we can't rally 'em in here....it really is over. Some posititives might be the fact that they finally have come around to sell down the big boys in the group in a big way. Kinder Morgan (KMP) last Thursday had a 5 point intraday decline. Enterprise (EPD) had a 3+ point drop at one point. Both recovered somewhat by days end. The MLP index was down 4 and change at 10am and cut its losses down to about 1 point and back at 266 after dropping as low as 262. I know it wasn't an up close but the turn was important. A few issues like Constellation Partners (CEP) and Holly Partners (CEP) among others staged key reversals. Straw grasping is an interesting sport but it is the only game in town.

Market looks to be in rally mode as end of quarter approaches. No news drivers and no upgrades or downgrades.

Still in Florida for another week or until the money runs out!

Losses cut to 1.50. Kinder Morgan and Enterprise unwind marking some sort of a bottom?

MLP losses (on the index) which is weighed heavily by Kinder Morgan and Enterprise (EPD) have quickly been cut in half to minus 2.

Must read from the comments section as Cramer addresses MLP woes.

Kinder Morgan down nearly 4 dollars right now! MLP index down to 263. Point and figure charts had a 261 target and we're almost there..fwiw! The big boys in the group are getting hammered!

Kinder Morgan Partners (KMP) down over 2 dollars right now and that is taking the MLP index down nearly 2 points. No news here but the pace of the selling suggests someone was unwinding.

Markwest (MWE) on the other hand opened up 1 and remains higher. They announced open season on one of their pipelines.

EASTER HOLIDAY LOOMS

NO RESURRECTION HERE!

Doom and gloom continue in MLP land. No signs of a bottom, Some pre-market selling in a few issues which is unusual. No reason for hope in here. Just lower prices and even higher yields. Hedge funds continue a massive unwinding of positions. My God it feels like we own tech stocks and its 2000 all over again.

Nothing of consequence in the news department. No upgrades or downgrades. You would think the brokerage houses would come out and defend some of these but except for Wachovia defending Boardwalk (BWP) yesterday we have silence.

Crude and Nat gas all down very hard this morning. Crude is under 100 bucks and nat gas has an 8 handle on it again. Commodities collapsing (finally) affecting the same hedge funds driving margin calls.

Hopeless.

2rDown to 266 on the index. The breakout move from 2 years ago has now been completely wiped out! I suppose it had to happen that they would finally get around to selling off the big boys as Kinder Morgan (KMP) Enterprise (EPD) and a few others are down 1 to 2 points. The smaller ones continue their decent.

Perhaps when they get to zero with an infinite yield...someone might find them attractive.

Downtick after downtick continues. Lehman held mlps getting especially hammered once again. Even Kinder Morgan (KMP) and Enterprise (EPD) seeing selling. MLPS are just continuing in their grinding bear market. No bids. No signs of a bottom. Nothing. Yield spreads discounting distribution cuts of 40 to 50 % to bring MLPS in line with normal spreads. Even the distribution growers are seeing their yields over 10%

It is very sad.

I COULD WATCH VALUES IMPLODE

OR GO TO FLORIDA

Guess which one i chose?

I COULD WATCH VALUES IMPLODE

OR GO TO FLORIDA

Guess which one i chose?

Is it a coincidence that many of the biggest losers today have Lehman Brothers as their biggest holders? Take a look at Breitburn, Constellation, EV Partners, Quicksilver Gas among others. All have Lehman as their biggest holders and all were down big fractions on an otherwise nice up day. Food for thought. Any ideas out there?

up 4.15 right now and we're doing it without Kinder Morgan (KMP) which is a heavyweight. Energy Transfer Partners leads the way up 2. We're approaching the highs of the day on the index at 272.80.

Well we got the opening pop...a pullback and now we are at new highs for the day up 4.20. Not exactly unexpected with the overall market doing what its doing and in the context of a V shape rally as we have had several of those along the path of destruction of mlps..as mentioned this morning. But its better than down 8.

Eagle Rock (EROC) is down 20 cents right now and off its low. The stock sold off from an up open this morning. The only thing i saw was this sec filing which is concerning a late filing. I don't see anything here that is news so if that is the case the reaction may be just due to the fact that its a late filing and these guys do this all the time anyway. EV Partners (CEP) and Constellation Energy Partners (CEP) are both down over 50 cents...why i have no clue. You can sense my frustration here as i own all three.

Otherwise everything today as far as gains go seems to be in the context of yesterdays decline as we have gotten at least 1/2 of it back on some MLPS out there.

Now its all about the fed at 2:15pm

THIS CHART IS SO FABULOUS!

I said this last Friday pre-open and then Bear Stearns happened so i will try again today. If they can't rally 'em today...then we might as well just throw in the towel. MLPs are so oversold now that we could be in for one of those "V"shaped bottoms. We've had several of those sharp rallies over the last few months which ultimately went nowhere but lets try it again today.

Lehman Brothers is keeping Boardwalk (BWP) at equal weight but it is moving its target price from 41 to 23 dollars. With advise like this it is a surprise that they are in the trouble they're in? No other news so far this morning. Its all about the fed today. Market looks like it wants to rally and possibly rally hard if the news today is favorable.

Saw this post yesterday on the comments board and i thought it summed up the current situation pretty well.

The access to credit has not been an issue for MLPs and is not an issue currently. EPB was able to raise $500mm in a difficult market in November 2007, and WMZ was able to price in the middle of the IPO range in late January 2008 (at a time when nobody else would have dared price equity). Last week OKS and DPM both issued equity. The MLPs that rely on accessing public debt markets on a regular basis are the large cap "blue chip" MLPs like EPD, PAA, OKS, etc. Most of the mid-cap and small-cap MLPs rely on revolving credit facilities and term loans, which, once established with creditors, are not dependent on accessing public markets.An important distinction to keep in mind that it may be perceived that the issues with the credit markets are affecting the MLPs, and this may be influencing possible MLP buyers and driving down stock prices. However, the ambitious capital programs announced by most MLPs (EPD-+$1.5bn in 2008, OKS-$+1bn/yr through 2009, KMP-+$3.3bn in 2008, to name a few) show that these MLPs are not concerned about liquidity. The more likely scenario is that MLPs (or more broadly, small-cap relatively illiquid names across the stock market) are getting crushed right now as major institutional players and small individual investors alike flee from one investment to the other in a blind panic.

Down 8 and half points on the mlp index. Oil down 5.75. Nat gas tanking as well.

Ugly out there.

Not much wisdom to lay out here. The damage is extensive and we all know why as the market is in meltdown model. The MLP index is down 6 and change. Dow off the lows down 125...also off the highs. It goes on and on and on. One or two winners like Eagle Rock (EROC) and Boardwalk (BWP) are up small fractions. Everything else is down and most are down 1 point or more.

COLLPASE! PANIC! MELTDOWN!

Or maybe the final capitualtion? We'll see. Interesting morning as we see the JP Morgan takeunder of Bear Stearns at a remarkable 2 bucks a share...a stock that was in the low 60s in the pre market on Friday and actually went up on the first news of the fed rescue. Still for all of this the futures are down 1% at the open. So we have an interesting day ahead for sure.

Boardwalk Partners (BWP) announces a deal with its majority owner who will be provided 700 million bucks which covers the company's cost overruns regarding construction of its pipeline. Its a 5 year convertible and it converts at 30 bucks. Should be bullish for the stock. Breitburn (BBEP) earnings out this morning as well.

I don't have any perils of wisdom to import here as the market is the problem. We all know that well enough. Headlines as they break this morning. I have a funeral to attend this morning as my friends daughter is being buried...killed by a drunk driver.

Down 4.11 at 275 and change...dow down nearly 300.

I hope everyone is well out there. Not to push the guilt button but a friend of mine is grieving the death of his 21 year old daughter at the hands of a drunk driver. She took a head on hit. She died. The drunk in the other car got away with a broken wrist.

So lets keep this all in some sort of perspective.

Down to 276 and at 52 week lows on the MLP index but of course most mlps have been living on the new lows list for many months now. A few winners today however as Legacy Partners (LGCY, Maritin Midstream (MMLP) Alliance Holdings (AHGP) and Nustar (NS) showing fractional gains. Otherwise its a mess out there. One point plus losses in Sunoco Logistics (SXL) Williams (WPZ) Plains All American (PAA) and Targa Resources (NGLS). Everything else showing sizeable fractional losses.

I suppose the good news is at least its not Bear Sterns (BSC).

Of course now we have the Bear Sterns fed rescue...and the markets are collapsing.

Okay kids...if they can't rally 'em today...you can just about hang it up.

Lehman leaves Global Partners (GLP) at equal weight but lowers the price target from 38 to 20. Steifel Nicholas starts Atlas Energy Resources (ATN) with a buy and a 43 dollar target

THE BIG UNWIND
E V PARTNERS EARNINGS
THE CRAMER GOOSE

As i posted yesterday we had the great unwind as MLPS were under pressure all day long thanks to some fund dumping shares. Some blocks of size including a quarter of a million shares of Atlas Pipeline Partners (APL) crossed the tape. Is there more coming? We'll see but the purging of hedge funds continues and we can only hope this comes to an end soon.

Earnings from E V Partners (EVEP) this morning which look very good. The company also says it plans to boost the distribution to 62 cents in Q1. BTW when you ex out items its 74 cents verses 43 cents. Also last night Constellation Partners made some corporate moves and affirmed guidance for 2008. Nice to know from the stock price trip from 50 to 19.

Quicksilver Gas (KGS) gets an upgrade goose this morning from JP Morgan. And speaking of goosing...Cramer last night gave a big buy boost to Energy Transfer Partners (ETP) and said that he had planned to feature the stock one day next week and can't understand why the stock is as low as it is. Hey Jim..take a look at the group. There are many here who can't understand it either!

CPI is due out at 8:3:0 Futures are selling off ahead of it. I can't help but feel we are setting up for a non negative number which will mean a rally. Crude Oil is down a bit this morning. Nat gas a touch higher with a 10 handle. And heating oil continues to surge at 3.11 futures. Thank God the winter is almost over.

I guess my hedge fund unwind theory gets a boost today as a number of MLP's had big block trades at the close. The list is pretty long and they all posted around 18:15 eastern. Somebody needed to get out and in fact any uptick today was met with more selling.

APL...243,600
DPM..46,000
OKS ..57,800
KMP..55,700
EVEP...31,500
ETP...35,600
XTEX...27,751
HEP...20,400
BPL....138,900
LINE..75,000
NSH...85,600

and so forth and so on. Is it some sort of capitualtion?

Energy Transfer Partners (ETP) just got a positive goose by Cramer on Mad Money! In fact it was a big endorsement.

Back to 280 as we watch the MLP index pull itself by its fingernails along the desert sand as the pool of water lies close by...or its a mirage. Still it is trying.

Dow up 100 points...MLPS still down 2.50 on the index. I still think someone is unwinding a big position. Global (GLP) down 3...DCP Midstream (DPM) and Energy Transfer Partners (ETP) down 1 and change each are the three biggest losers.

Barney Frank is submitted legislation to allow the govt housing agencies to buy up foreclosures and mortgage paper. Now if they could only buy MLPS!

Impressive market reversal with the dow now up 61 points while MLPS remain sharply lower but they have come off the lows...and the winners list is getting a little longer.

MLPS continue to fall as the index hits news lows on the day down over 3 points. It feels like someone is unwinding a large position..maybe a hedge fund...maybe Carlyle? Who knows.

Global Partners (GLP) is getting crucified today after earnings which look good but the company says warm weather and the oil gas differential will hurt them in the first quarter. Legacy (LGCY) leads the winners list up 42 cents.

Markets well off their lows...MLPS aren't although a few more have now put their heads above water for the day.

278.80 is the intra-day low...at one point every MLP was down except E V Partners which was...ta da..unchanged! Now Plains has turned unchanged. Glory!

DCP Midstream is down 1.40 as the only 1 point plus loser but everything else is down major fractions for the most part. Need i go on?

THAT SOUND YOU HEAR
IS THE TOILET FLUSH!

100 YEN broken overnight...huge plunge in the futures this morning. This has the chance to be a crash or a capitulation so watch the first hour very carefully this morning. If they throw em out the window all at once we may see an important turn later in the day. Up opens for the most part have been a disaster. I like brutal down opens better.




The charts look awful for MLPS. The weekly chart is sitting right on its 144 day moving average with the 200 sitting lower under 270, We're going the same way with everything else this morning so make sure your seatbelt is fastened and your hands are firmly holding on to the metal bar in front of you.

No news this morning so far and no upgrades or downgrades. On a morning like this it wouldn't make a difference anyway.

At the lows of the day. 281.90 and falling. I can't find anything positive to point to. It is such a sad state and a bear market for MLPS which just goes on and on and on.

Never mind

Not sure why but the MLP index has gone from down 1 point to even in a matter of minutes. Lets see if this is the beginning of something.

Nothing encouraging out there overall. Small up moves in a few mlps. Eagle Rock (EROC) is getting 10 cents of upside on earnings. A few others are up slightly. Oil numbers are bearish and crude is selling off a whole dollar! I should have bought Thornburg again at 77 cents yesterday morning before the fed move. Its nearly back to 3!

MLPS are hopeless right now. I'm going bike riding.

PATHETIC MLP PERFORMANCE YESTERDAY
BUT LETS SEE IF BUYERS COME TODAY

I saw the debate that ensued yesterday on the comments and its nice to see that you folks are actively arguing about the action. But make no mistake. Yesterday's MLP performance was terrible as measured by the weighted MLP index. Now there was a drag yesterday from Oneok LP (OKS) as it dropped nearly 2 points on its stock offering. But still we had a nearly 4% move on the S&P vs a .5 percent up move on the mlp index. In fact during the midday swoon the index went negative and 280 was in jeopardy before the afternoon buyers came in.



The charts look terrible both on the daily and weekly perspective. That all said i think we should be willing to see if MLPS play catch up today which is quite possible. They don't exactly buy our shares first in a rally and i have often noticed in these short term spike moves that it takes a day or 2 for MLPS to wake up.

We have another offering of stock as DCP Midstream is selling 4 million plus shares so look for that one to be down 1 point or more today. Also this morning Eagle Rock Partners (EROC) posts earnigns which when you adjust for mark to market stuff look pretty good. But these days it doesn't matter does it?

Nothing on the upgrade downgrade list so far this morning and no other headlines.

FED DOES SURGERY!

MUSCLE GETS BLOOD

I have some personal stuff going on today so no blogging for me until this evening. But it looks like a big rally on the fed moves and MLPS should move with them. Blog later

God its awful. Can't buy an uptick. The MLP index is down 5 points. Long list of losers especially in the coal MLPS which are getting nailed to the wall this afternoon. The towels are getting thrown in.

Meanwhile Spitzer to resign according to WNBC! Glory and praise!

Sickening as we are just off the lows of the day...the mlp index is down 4 points...the dow down 115. And Eliot Spitzer the governor of New York...is not the paragon of virtue. Frankly there is no hope!

MORE UGLINESS

Sorry for the late first post but i have been dealing with some personal shit these last several days. Needless to say its just more of the same crap in here as the the market is sagging in the area of the January lows. The tape overall feels like if we get some sort of headline we could rally. Dow off the lows down 49 points. The MLP index is down 2 to 284.

Energy Transfer Partners (ETP) is up over 1 point however. Holly Partners (HEP) is up also up 47 cents. and we have a few other fractional winners. Otherwise the rest of the group is showing fractional losses. No news and no upgrades or downgrades.

Nothing short of a horror show out there....no not the congressional hearings on CEO pay...its the markets. The tragedy continues. 11900 just gave way. The MLP index is down in the 286 area. Selling is occuring with both hands. It feels hopeless.

They are hitting the last men standing today...AG stocks. When they've sold everything else they can sell...they then get around to selling shit.

I DECIDED BIKING WAS BETTER

After doing my usual morning scan of news and CNBC and watching a pre opening tragedy unfolding i decided the best course of action was a 3 hour bike ride which i just completed. Sometimes you just have to turn everything off and walk away. I had that vomiting feeling this morning. So i hit the road and i'm glad i did. I see we've been all over the place and while the world has not ended it its teetering on the edge.

Most MLPS are down fractions...no huge losers...a small list of winners but no standouts. No news drivers either. Alliance Resources Partnes (ARLP) and holdings (AHGP) were upgraded by Steifel Nicholas...both are down slightly. Lehman had its coverage resumed at Markwest (MWE) at overweight. The stock is up a small fraction.

I wish i had words of encouragement to offer. These are very difficult times for sure. We are in a bear market. New closing lows today on all the indexes but we are still above the intraday lows...if thats a straw to grasp.

Every day brings us one day closer to the bottom. Assuming of course the world doesn't come to an end in the interim. Marketwatch has this story on de-leveraging which begs this question. Since we are seeing all sorts of asset classes and bonds trading at unheard of yield spreads...have MLPS already seen their deleveraging with yields spreads sitting at record highs...or is there another round to go which drives spread to 5 or 6 hundred basis points above the 10 year? Some MLPS are still trading at ridiculous spreads...others continue to climb toward those levels daily.

I'm just trying to get a grasp here of how much lower can we go. But with markets behaving irrationally i guess the answer to that is...possibly a lot lower. The smaller newer mlps have already been busted so really the last men standing are the big boys like Kinder Morgan (KMP) and Enterprise(EPD). Meanwhile Dan Duncan, the ultimate insider bought more shares of EPD the other day.

Hey at least 1 positive...Linn Energy is still 3 points above its 52 week low!

Sold my Thornburg flyer at 1.82 on the Cramer spike....buy the rumour sell the loud mouth!

Index dropped to 289.99...now near 291. 290 holds yet again.

Insider buy at Inergy Holdings (NRGP). Bullish open market purchase by a big holder.

The overall mood is downright dismal in the overall market. MLPS are lower but at least they seem to be holding up a little better than everything else...which is suppose is the difference between a first vs second degree burn...both hurt but at least one hurts a little less. I think its that day after day endless feeling that just sucks.

I took a flyer on Thornburg Mortgage this morning at 1.40. Like a call option and strickly for laughs...hoping for a positive headline.

Happen to be watching Linn Energy at 11:10 a 100,000 share block crossed on the ask price of 22. And that was followed shortly after that by a 25000 block. FWIW.

I'm tryting to "read" the MLP tape and i don't want to jump off the deep end here but it isn't too bad this morning. The Williams LP's (WPZ, WMZ) are the 2 biggest losers down 75 cents-ish each. But everything else is sitting with smaller fractional losses or in some cases small fractional gains. It isn't much fun blogging this stuff lately when the tape is like this but i keep going hoping we get one day closer to a big rally. Of course with everything going on in credit land; the fact that we are not imploding is probably a hopeful sign.

Still holding 290 on the index.

NOT MUCH HAPPENING IN MLP LAND

Consider what is going one elsewhere. We have Thornburg Mortgage (TMA) imploding to insolvency, Ambak (ABK) will or won't make a deal with its banks, Carlyle Capital is in default and getting margin calls...and on and on and on. I guess we'll take a quiet morning. The massive deleveraging continues and it is painful. Yet the broad market in the face of all of this seems to be holding up in this area where some averages are near their January 2008 lows. The testing phase continues.

Oil is near 106 this morning...nat gas is near 10 dollars...stock futures are lower but not tragic yet..gold is near 1000 and oz and silver over 20 bucks. Isn't it a lovely world out there? No upgrades or downgrades and we have no corporate developemets so far this morning.

Sorry for the lack of posts yesterday but working late night early morning shifts tend to make me zombie like for the rest of the day. I'm in better shape this morning after a good night sleep.

DID WE PASS THE TEST?

While the dow yesterday did not go down to the intra-day low it did retest its closing low as did the S&P and Nasdaq. MLPS came back down to 290 on the index and that held. Futures are higher this morning so at least its a start.

I'm at work this morning so this will be a brief post. Nothing on the upgrade downgrade list and i can't find any headlines to speak of. When i get home i will give everything a throrough going over and post. Energy is up this morning. Natural gas is continuing its march toward 10 dollars.

290.30 is the intra-day low and we are now off that as the market tries to rally in the last hour. Inergy LP (NRGP) announces a deal to buy some assets from Buckeye Partners (BPL) which will be immediately accretive. All four stocks...NRGY,NRGP,BPL,BGH are down about 30 cents apiece. Nustar (NSH) and Markwest (MWE) are the 2 biggest losers today down major fractions to 1 point. Most MLPS are down and down fractions. Not many winner.. Atlas Holdings (AHD) leads the small list of winners up around 30 cents. Kinder Morgan (KMP) is up about 6 cents.

RBC UPGRADES CROSSTEX
E V PARTNERS GUIDANCE

Crosstex Energy Partners (XTEX) has been moving higher since its earnings last week. And RBC Capital Markets likes what it sees and upgrades back to sector perform from underperform. This is coming on what will be a down open so i'm not sure what impact it will have on the price. Also Lehman is keeping Copano (CPNO) at oveweight although it lowers the target price.

EV Partners announced 2008 guidance and it is a mystery as t whether this is the first time we are seeing guidiance or if it is an increase or decrease. I guess we'll find our in an hour and a half. Market is very soft this morning but i go back to yesterday and the retest theory. Most of the TV people are predicted a re-test failure or a new leg down. I'm agnostic but hopeful that we're carving out some sort of bottom. MLPS of course continue going sideways. Nat gas is up a few pennies again this morning.

The mlp index is up a fraction at this point and off the highs of the day. The overall market is lower but not by too much so we seem to following that along. Crosstex (XTEX) continues to benefit from great earnings last week and its up another 1 and change and is today's big winner.Penn Virginia Holdings (PVG) Atlas Holdings (AHD) and Atlas Resources (ATN) also on a roll up strong fractions. Smaller fractional gains from a host of MLPS. Markwest (MWE) is up 12 cents on its earnings.

Boardwalk Partners (BWP) continues to sink down another 68 cents and is sitting just above 23. Its today's biggest loser. Duke Midstream (DPM) Hiland (HLND) Oneok (OKS) are among the other fractional losers today.

Markwest(MWE) earnings are out this morning. Nice increase in distributable cash flow which is what they have headlines.

Stock futures rallying now as they pull even. I was hoping for a washout collapse at the open but the market rarely accomodates.

CRITICAL WEEK AHEAD AS AVERAGES

RETESTING JANUARY LOWS

Looks like it was inevitiable that the market was going to test those hideous January lows. The S&P 500 is very close to going below its closing low around 1320 or so and its possible we could see that today. Futures are lower this morning. The dow is in the general area as well but i hope we don't need to drop all the way down to 11500 which is the intraday low in order to accomplish a successful retest.

One chart which has decisively broken out is the Natural Gas index (XNG) which went to new highs last week. And it looks to me like this one is going higher.
The index of Oil stocks meanwhile has been struggling here in spite of crude oil going over 100 bucks a barrel. Could the XOI be telling us that Crude oil may be topping out in here?
And of course there is the MLP index which just continues to carve out some sort of base in here as 290 conitinues to provide support. I suppose sideways is better than down but it continues to be frustrating.

No corporate news this morning and no upgrades or downgrades so far so lets get on to the open.