EARNINGS PARADE CONTINUES

We had earnings last night after the close from the following companies.

Breitburn Partners (BBEP)
Energy Transfer Partners (ETP)
Energy Transfer Equity (ETE)
Markwest Energy (MWE)

Numbers from all the companies look very good. Sometimes earnings move the stock like in EV Partners (EVEP) yesterday which was up nearly 2 points. And sometimes it doesn't. We'll see shortly but the short term path for mlps of least resistence seems to be up.

US Shipping (USS) looks to be the disaster de jour' as they put up earnigns last night...declared a distribution but went on to site ongoing pressure and a need to perhaps re-capitalize. The stock is down 1.63 in the premarket this morning to just over 10 bucks. Cheniere Partners (CQP) got hit for another buck or so yesterday and sits at 8.50 ish as it continues to react to its parent Cheniere (LNG) as it struggles to survive.

No headlines this morning. We have oil bouncing up 50 cents after yesterday's reversal after a new contract high of 126.40. Nat gas is a little higher as well. There are some world supply numbers due out this morning in crude so that could be an energy mover. Still long DUG here as i think crude has got to pull in. I talked to my brother in law who trades on the NYMEX and he says if oil breaks 110 decisively you should look for big sell offs in gold and silver that could bring pain and gnashing of teeth to those long the metals. Just his never to be humble opinion. He also says if crude sells down to 110 and it holds it would be another double bottom...then look for crude to rally to 150.

No guarantees from the management.