MLPS a little higher on the index which is up 50 cents. Capital Product Partners (CPLP) and Natural Resource (NRP) lead the way as 1 point plus winners. Alliance (ARLP) Legacy (LGCY) Kinder Morgan (KMP) Enterprise (EPD) Atlas Resource (ATN) Markwest (MWE) and Teppco (TPP) all nice fractional winners.

Energy Transfer (ETP) and Penn Virginia Holdings (PVG) are down nearly 1 point.Magellan (MMP) Plains All American (PAA) Nustar (NS) and Hiland Holdings (HPGP) are among the fractional losers.

In case you missed it crude oil dropped to 139 and change for about 12 seconds and then it was back up again shortly there after. Picking tops is a fools game as is picking bottoms. No greater fool than I!

Crude ran almost to 144 before pulling back to 142 and change. Dollar actually has turned higher against the euro. No corporate headlines in MLP land so far.

END OF QUARTER
SO GET READY!

And yes the scene is rather Macbeth=ish out there. The best that i can say about oil this morning is that Friday's print high of 142.99 has not been taken out yet but we are close and up over 2 dollars from Friday's close. It was(is) the worst June in the markets since the depression but as i pointed out to a friend last night its not as bad today as that June in the depression. MLPs about to retest the 275 low from January and we of course are always on alert for that elusive bottom.

Early post here and so far no overnight headlines and no upgrades or downgrades. Stock futures weakened overnight from being a little higher as the dollar continues to weaken. Nat gas is higher this morning. The dollar is weak and getting weaker on higher European cpi. Stocks are trading pretty much tick for tick with oil and i would expect that trend to cotinue today. I don't think a bottom will be put in until they finally take out and shoot the strongest stocks like the shit stocks (fertilizers) like Potash etc, the coal stocks and the rest of big energy which continues to hold up.

Last day of the quarter. Anything can happen.

Everyone try and have a nice weekend. At least you can't lose money on the weekends.

Oil soaring up 3 dollars...dow down 150. Rubber band getting stretched in here.

Financials getting killed right now. JP Morgan under 35. Could be an ugly afternoon when everyone gets back from lunch.

Constellation back to 21 ish. MLPS down over 2 points on the index.

This is such an orderly selloff as measured by the VIX which is actually down today by 20 cents. No sense of panic. Not a good sign for a climax.

The mlp index has just broken below 280 and is down 2 plus points. Oil is up and the markets continue to trade with every tick.

Actually when you look at the mlp list its the big boys again that are down fractions to a point. Let me point out for those of you holding Linn Energy (LINE) E V Partners (EVEP) and Constellation Energy Partners (CEP). You guys should be celebrating as each of these stocks is 6 to 8 points above its March lows and all 3 are either flat or slightly higher today. Also higher is Hiland Holdings and Inergy Holdings albeit on very limited volume.

Sunoco Logistics (SXL) Enbridge Energy Partners (EEP) and Energy Transfer Partners (ETP) lead the list of losers of 1 point or more.

The sitemeter indicator which has called bottoms before is showing that my views have spiked from 500 a day to between 800 and 900 per day. In the past this has been a good indicator of an approaching bottom. Highest i had in page views was at the August bottom last year of 1300+ page views. I guess i get more readers when sentiment gets catastrophic!

USO and SPY continue to trade tick for tick.

Oil and stocks are trading pretty much tick for tick. If you look at the pre-market action in the USO vs the SPY its almost perfectly synchronized!

Since it is end of quarter is it possible we are seeing run-ups in oil and nat gas specifically related to the trading of the 2 proxies that exist now...USO and UNG. Its an easy way for portfolio managers to show they own crude without actually having to hold the commodity. Just wondering here if whats happening here is a huge technically distortion as stocks are getting blown out from one side and being replaced by energy proxies on the other. Don't forget we have a proxy for coal (KOL) and a proxy for gold (GLD).

Food for thought...at much higher inflated prices of course!

OIL HEADING EVEN HIGHER!

142 this morning up 2.36 and the march higher continues. Its like Nasdaq in 1999! So after yesterday disaster we can look foward to another horror show today. Gasoline futures are at 3.55! Stock futures are a little lower at least to start. A bounce may come soon but if oil keeps going its going to get ugly again....whoops up 2.56 at 142.20!

Nothing on the news front this morning in MLP land . Western Gas (WES) gets an overweight from Lehman and a hold from Citigroup.

Unlike the trip down in March which was led by the mlps that were having private equity issues like Linn (LINE) Constellation Energy Partners (CEP)...those issues this time are no where near those lows. This time its the bigger boys like Kinder Morgan (KMP) Oneok (OKS) and the like taking gas. Bottom line its a bear market and until the oil bubble bursts the pressure will continue. The good news is we are not financials and we have the advantage of a nice yield check every quarter which lessens the pain. Its hard to be encouraging in here but you have to resist the temptation of looking at mlps in this prism and that their performance needs to be viewed relative to everything else. Okay we're not Potash but in the scope of things we're not nearly as bad off as so many others out there.

Stock futures are starting to weaken now...S&P down 3.40. The only thing left thats working is big energy and Ag stocks and the bottom of this selloff will not come until the last men standing finally rollover. So when you see Potash and the like drop 10-20 points...then you know the bottom may be near.

ONE UGLY DAY

I guess the first logical place for the MLP index to go would be to test that "v" bottom at 275 but if the overall market selloff keeps going that 262 low is not impossible.


The dow chart is hideous and that "w" bottom in 2006 is probably the next logical level of support. That means a trip to 10,700 is not impossible and 10,200 is the next level of support beyond that.


Crude meanwhile closed just above the top of this channel which technically is a breakout but i guess we'll know by tomorrow's action whether we head for points north of 140.

I don't know about you guys but frankly after today my hair hurts and my teeth itch!

What a horror show. MLPS down 5 points. 7 mlps were up and 2 of them were Hiland related (HLND,HPGP) 2 were Alliance related (ARLP,AHGP). Everything else took gas. The dow down 358 and at the lows of the day and the lowest close since 2006. The bear market just rolls on.

Will watch for after hours developements. Oil close up 5 dollars just shy of 140 and we did make a new print high today. Looks like we can forget the island reversal and brace for 150 or higher.

The fed should have raised rates yesterday. But we probably would have wound up in the same place somehow.

Ugly out there kids and getting uglier by the minute. The dow is down 220. Oil is up nearly 4 dollars and close to the top of the recent range. Natural gas is now rallying sharply. Gold is up nearly 30 bucks. Even big energy stocks are selling off. MLPS are down sharply with the index down nearly 4 points to 283. And its the big boys getting hammered today. Kinder Morgan(KMP) is down 1.58 and leads the losers list. Hiland (HLND) Copano (CPNO) and Buckeye (BPL) all down about 1.

A handful of winners. The Alliances (ARLP,AGHP) Atlas Resource (ATN) Exterran (EXLP) and Enbridge (EEP) all fractional winners.

Dow now down 240. Get ready for a bloody afternoon as all important lows are being challenged and taken out.

Back to the top of the range on oil as the USO went from 110 to 112 in the blink of an eye. The crude contract is back to 138 and change. I guess i shouldn't leave the room.

Just want to add this to the fed move. They can't cut rates for obvious reasons...they can't raise rates....for obvious reasons. Bernake has a tendency to do something creative and likes to surprise. What if we see a co-ordinated efforts by central banks to support the dollar by interviening in the currency markets.

Just a thought.

FED GIVES NEW MEANING TO THE WORD "NOTHING"

Yesterday's fed meeting has become the focus of what happens when you say a lot of nothing to everyone. Now that everyone has slept on it we awake to a real mess this morning as stock futures which were weak going into the early morning trade have weakend even further. Remember a few days ago when i mentioned that the Hindenburg Omen had been triggered. That says that the probability of a 5% or more down move was high in the short term. And what better time than here at the end of the quarter where we might see this as a huge porfolio blow out.

Crude is up this morning but not by a whole lot for a change. We're still in that channel on the USO between 107 & 112 and no sign of a breakout or breakdown yet. The dollar is weak, gold is higher and nearing 900 again. MLPS are just going to follow the market at this point. No upgrades or downgrades and no corporate headlines.

Fans of watching paint dry need only look at Inergy Holdings (NRGP). 100 shares traded today up 11 cents from yesterday.

As a holder all i can say is

glory!

I like what Ron Insana said that the fed said a lot of nothing for a lot of different people. Confusion. Sounds Hawkish to me and it might take a few hours for the markets to react appropriately. Dow was up 100+ then finiancials weakened in the last hour. JPM went negative briefly but its back up again. Dow up 10 points.

MLPS off the lows as they rallied almost back to dead even as big energy rallied back as well but then came the sputtering and its back down about 1 point. Natural gas was down quite a bit today and under 13 bucks so nat gas mlp plays taking some hits. Constellation Energy Partners (CEP) is down fractionally. Linn Energy (LINE) is also down a fraction. Alliance Resource (ARLP) is down 2 plus points as the biggest loser.

No standout winners in the crowd either as we see a few mlps like Atlas Pipeline (APL) and Martin Midstream (MMLP) up small fractions.

Island reversal fans on Oil should note that we did not get one today however we are set up for one tomorrow if we get a gap down open and see selling accelerate from there. There is always hope.

Scroll down to Bud Heavy's post for some excellent data and a few choice comments which i believe were spot on.

Oil is down but well off its lows which took it down to the base of the channel on the chart which on the USO is at 106.75. That has got to break. No island reversal yet but we're setting up for it.

MLPS down wiht the index down a little less than 2 points as energy stocks are getting sold off on lower oil and nat gas. Dorcester Minerals (DMLP) and Alliance Resource (ARLP) are both down 2 points or more but they have had great runs in here.

More later after the fed.

ITS THE MOST IMPORTANT FED MEETING

SINCE THE LAST FED MEETING!

Today's 2:15 ish decision and statement will be moving all the charts you see below. Not much to say about them that hasn't been said so many times. The dow chart looks like a horror show thats about to go from bad to worse. The 10 year rate chart is clearly in breakout mode. The dollar chart looks like a bottom and feels like a bottom. The Oil chart (USO) is in la la land. And of course our MLP chart which continues to mozey along on a path to nowhere

Citigroup is on the horn this morning as it upgrades Atlas Pipeline Partners (APL) to buy from hold. As i said a few days ago after the stock offering that the yield and price look attractive in here. Citigroup apparently agrees which may make you want to run for your lives. RBC leaves Global Partners (GLP) at market perform but lowers the price target.

Crude is down a little this morning while natural gas is down back with a 12 handle. Dollar a little higher ahead of the fed. I actually got up this morning at 4am and watch Jean Claude whats his name; head of the European Central Bank give his testimony before the meeting of the socialists. Rivetting testimony! How sad am i?

The view that yesterday's move was end of quarter window dressing gains some traction today as energy is down however the losses are less than what was gained yesterday. MLPS are lower with the index down 1.60. Nat gas being down today is pulling most of the nat gas mlps down with it. Oneok LP (OKS) is among the leaders on the losers list. Holly Partners (HEP) Penn Virginia Holdings (PVG) and Plains All American (PAA) all of them down major fractions to 1 point. Atlas Pipeline (APL)and Atlas Resources (ATN)Copano (CPNO) Crosstex (XTEX) Hiland (HLND) and Energy Transfer Equity (ETE) down fractionally.

Dorchester Minerals LP (DMLP) is up another 75 cents to 35. Alliance Resource (ARLP) continues on its tear up 1. Nustar (NS) has moved back to near 50 and is up fractionally along with Calumet (CLMT) and Magellan (MMP) also fractionally higher.

Overall market went below the March low on the dow this morning when we were down 100 points. We're now up 25 on the day. So far just a dead cat bounce. Crude is down fractionally.

I may take this to my financial grave but i still say we are building a top and setting up to complete an island reversal. Just not necessarily today.We need a gap down open underneath that channel followed by followthrough selling. No sign of this yet.

ON VERGE OF A BREAKDOWN

WHAT WILL MLPS DO?

The answer to that question is...it depends. If the selloff in the markets gets serious as the day wears on then everything gets taken out although on a relative basis we should go down less. Thats my opinion. Crude at 138 this morning up another dollar and change. There are no corporate news drivers out there this morning and i think we are also seeing some end of quarter nonsense going on. Witness the run in energy stocks yesterday. I think people were falling all over themselves trying to get anything commodity driven into their portfolios. This use to happen on the last day of the quarter but they seem to be gaming the system early to avoid the eyes of regulators. To me it looks like we are going to new lows on the dow s&p etc etc. MLPS are 25 points above their lows as measured by the mlp index which was up 3 and some change yesterday to 289. Then of course there is the fed meeting and its not so much what they will do but what will they say in their statement.

Nothing on the upgrade downgrade list this morning. So unless something breaks we crawl to the open. Seatbelts fastened everyone.

Lots of requests about Constellation Energy Partners (CEP) so here is the chart.

And frankly it looks much better to me. We have a nice double bottom..breakout from a cup and handle formation today as the stock is closing in on 23. Would like to see more volume but we'll take what comes. Moving averages have turned higher and crossing.

Fundamentally the company needs to boost the distribution in July or at least give some visibility about it. My bet here is it goes higher.

Just a thought here but maybe the reason why Nustar (NS) and Valero (VLO) are up nicely today could be that the additional crude coming from the Saudi's is sour crude and not the sweet variety and guess who refines lots of sour crude?

Still up 3 and change on the mlp index and near the highs of the day. Glory!

Adding to gains up over 3 points. To me its got to be the strength in the dollar. Sure ain't the financials cause they are down. Maybe its big energy but we have lots of days when those stocks have soared without us. So its got to be the dollar.

Dear Ben Bernake,

Be a lamb and raise the fed funds rate by 25 basis points.

yours

mlp holders

Pretty good day for mlps so far. The index is up nearly 3 points which is nice on a day when broader energy is strong and the overall market weaker. Dorchester Minerals LP (DMLP) is up another 2 dollars as the days big winner after being up 3 Friday. Alliance Resource (ARLP) Inergy Holdings (NRGP) Nustar (NS...the idiots play) Magellan (MMP) are up 1.50 or more. Magellan Holdings (MGG) was part of that group but has pulled back to be a major fractional winner along with EV Partners (EVEP) Kinder Morgan (KMP) Markwest (MWE) Calumet Specialty Products (CLMT) Natural Resource Partners (NRP) Kinder Morgan Partners (KMP) and Energy Transfer Partners (ETP).

Sunoco Logistics (SXL) and Atlas Energy Resource (ATN) are down major fractions. Eagle Rock (EROC) is down 30 cents. A couple of others down samller fractions.

The dollar is very strong and driving down all commodities except for oil of course. Go figure.

Nustar was 47.70 when the famous idiot line was thrown...so far i'm up 2 points. Weeeee!!!!!!

Here is a breaking headling from Magellan Midstream (MMP,MGG) which is raising guidance for the rest of the year. Not a bad thing!

Oil weakening, dollar stronger, stocks stronger as of this post.

WELL KIDS...

AT LEAST ITS NOT THE MARCH LOWS

NOT YET ANYWAY

Looks like we've reached critical mass in here with the Dow getting ready to test the bear market lows. We have the fed meeting Tuesday and Wednesday. Oil in a channel between 130 and 140 as we wait for a breakout either way. So all kinds of push and pull to make the casino pretty lively this week.

We in MLP land where admittedly we suffer quietly with nice yields (unlike banks..no danger of distribution cuts) the chart sits a little better. which is sort of like comparing a second degree burn to a third degree. Still we are outperforming (going down less ) and thats a good thing. And if you are lucky enough to be holding any of the coal or resource mlps you are in a pretty good place.
I put the XOI chart of big oil to illustrate that big energy is showing signs of weakness lately and we may be following the stock market no matter what the energy complex does. Looks like a down close today for the XOI would point to lower prices for big energy stocks as a whole although admittedly the nat gas stocks are holding up better.
And lastly the USO which is a proxy for crude continues to trade above its breakout from 2 weeks ago. The potential for an island reversal continues but we're still waiting. BTW while i have been posting the dollar has strengthened considerably and crude oil which was up nearly 3 bucks at one point overnight is barely higher now by 55 cents. Hope springs eternal for a breakdown.

And can u imagine that even the mighty Saudi's can't seem to move the oil price. They have thrown everything at this including asking for tighter regulation and it does nothing. You can only watch in awe...like Nasdaq in 1999.

This morning MLP land is quiet and calm. No news..no upgrades or downgrades. 2 movers of note on Friday. E V Partners (EVEP) was down 2.50 on no news. Could have been some sort of option arbitrage or a position unwind. Nothing confirmed. Dorchester Minerals LP (DMLP) was up 3 dollars on nice volume and no news. Nothing that i could find here either other than perhaps a special distribution rumour.

Crude oil has just turned lower by 33 cents as gold is collapsing by 23 dollars. Maybe the key to all of this is a big dollar rally.

No news but Dorchester Minerals LP is soaring on 200k volume up nearly 3 dollars going into the close.

MLP index down less than half a point right now.

Of course i can't be completely sure about these things but the action in EV Partners has the feel of someone unwinding a position. Its down 2.50 on no news and only slightly above average volume.

MLPs along with big energy are doing better than the rest of the market which means they are down less. The index is down just over 1 point as it has been for hours. Could be worse on a 220 point down day.

EV Partners (EVEP) is down over 2 dollars as the leading MLP loser this afternoon. Regency Partners (RGNC) and Holly Partners (HEP) are off major fractions as the MLP index sits down 1 point. Crude is well off the highs as stocks sell off. If this gets ulgy in the last 2 hours we could see all commodities get sold.

Watching the tape carefully.

Pretty interesting day so far. Dow at the low was minus 187..now minus 129. MLPS are down on the index by a little less than 1 point. The big energy indexes opened up over 1% but have given all of that back. Oil is up the 4 plus dollars it lost yesterday and nat gas is up 13 cents. IMHO if you want to watch a proxy for the overall market watch JP Morgan as i have noticed that it usual is the first one to turn in either direction. Right now its down 14 cents and nearly 2 dollar off its intraday low.

Okay back to mlps Penn Virginia Holdings (PVG) Atlas Energy Resources (ATN) Enbridge Energy (EEP) Dorchester Minerals LP (DMLP) are fractional winners. On the losing side nothing outstanding; just small fractional losses on the board.

JPM just turned higher so watch for a rally attempt in here.

HINDENBURG OMEN?

STILL ON THE ISLAND

Some chatter last night about the Hindenburg signal being triggered which is a technical signal that doesn't happen too often but says that a 5% or more downside move is coming very soon. We'll see on that the tape does feel very weak

That dow chart looks pretty awful as it heads into the March lows. At least the MLP index is above those lows but we're not looking to hot either with this endless sideways movement plus or minus a few points of 290. But we're a long way from the March lows of 262.



Crude dropped 5 dollars yesterday but it remains in that island channel so the island reversal threat remains if we could ever get a gap down open below the channel and then some followthrough. Crude is up 87 cents this morning in the pre market and it was up yesterday until the China news hit just before the open. There is always hope. But remember that the direction of crude is not always the same as what the energy equity does.

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This morning Citigroup starts Western Gas Partners (WES) at a hold. This new MLP has gotten a host of opinions all week long now that the quiet period is over. No other headlines so far but i will post before the open if anything hits.

Oil closed on the open outcry session down about 5 dollars and at the low of the day and the selling continues in electronic trading. Stocks are firming nicely but MLPS are tied to broader energy which is selling off in the last hour here. Hard to see how we will come back today in the face of headwinds like this.

If oil is in for a selloff (and that is a big if) refiners are due for a nice bounce. In my never to be humble opinion of course. Went long some Tesoro (TSO) and Valero (VLO) july calls this morning.

Energy stocks selling off right now as oil drops over 3 dollars ( for now) and Natural Gas is also down 36 cents and back below 13. MLPS being taken down for the ride as well down 3 points on the mlp index.

Watch 132 on oil...if it breaks this afternoon look for a push at 130 where a break there could mean something more serious. If this co-incides with the stock market weakening this afternoon we could see energy take a beating. If you want to follow the USO the spot is around 107.30.

But then again i've been at this door many times in the last few weeks. Just when it looks like oil is about to crack..back come the buyers. Maybe the china news begins the process of letting the air out this bag.

And speaking of gasbags...Paulsen is pontification...lots of sound and fury...signifying not much.

The mlp index is down 1.40 and sitting at 287. Oneok LP (OKS) and Holly Partners (HEP) are the 2 biggest losers today down over 1 point each. D Sunoco Logistics (SXL) Penn Virginia Holdings (PVG) Regency (RGNC) and DCP Midstream (DPM) are down major fractions.

Winners are a handful and nothing really impressive except for Atlas Pipeline Partners (APL) which is up 1 after completing its offering. Linn Energy (LINE) and Legacy (LGCY) are still benefiting from the Cramer Mad Money goose as they are up fractions. So are the Alliance's (ARLP,AHGP).

Crude down 2 bucks on China raising gasoline prices. If they can't at least prick the bubble on this news to start some sort of correction back to say......130 ( i don't ask for much) then in my view God must be long.

Western Gas Partners (WES) is started at a buy thanks to the boys and girls at Steifel Nicholas.

ANOTHER CRAMER GOOSE
ATLAS PRICES OFFERING.

Legacy Reserves (LGCY) got a bit of a boost last night on Mad Money in the email segment which accounts for the 1.23 gain in that one in after hours yesterday. Nice to see someone is at least looking. Also this morning we have Atlas Pipeline Partners (APL) priceing its offering at 37.52. Stock is a little higher than that in the pre-market. At a 10% yield, the guidance boost, and the offering done , the downside here is probably limited. I picked up some additional shares in the pre market even as it sits with an ugly chart and a 52 week low. Just letting you guys know what i'm doing.

Not much else happening this morning. Stock futures are firming this morning and we may be going into options expiration/fed meeting next week with an excuse to rally. Oil is down a little this morning and nat gas continue to rally with a 13 handle. Dollar is stronger this morning which is a good thing. Nothing on the upgrade downgrade list so far this morning.

Headlines as they cross before the open.

YOU CAN NOW POST IN THE COMMENTS SECTION ANONYMOUSLY AGAIN. PLEASE KEEP IT CIVIL...OKAY TO DISAGREE BUT NO NAME CALLING. I WILL NOT TOLERATE IT.

Some day the crude oil fair will wave her magic wand and energy prices will actually go down for a few days. But until then???

A 3 point loss on the MLP index with the dow breaching 12,000 briefly...low of the day @ 11994 and oil up over 2 bucks after being down earlier to 132 and holding it. Some winners in there however like EV Partners (EVEP) ,Linn Energy (LINE), Eagle Rock (EROC) Atlas Holdings (AHD) and Natural Resource Partners (NRP) all up fractionally.

Losers are extensive among the big caps. Oneok (OKS) is down 1.33 and is the biggest loser. Atlas Pipeline (APL) is down nearly 1. Plains All American (PAA) Williams (WPZ) and Energy Transfer Equity (ETE) among the strong fractional losers.

Here comes the last hour. Fasten seatbelts please.

i have re-enabled the abilty to post anonymously as long as everyone behaves and there is no name calling. I know Warren Buffet doesn't wish to post unless he can lurk in the background...so Warren you are safe!

Wachovia starts coverage on Western Gas (WES) at outperform.

More on Atlas Pipelines Partners (APL) as Atlas Holdings (AHD) and Atlas America (ATLS) are taking some shares in a priviate placement.

Correction on the UBS coverage on Western Gas Partners (WES)...they start coverage with a buy not a neutral. Hat tip to a friend for the heads up.

Crude at 135 up 1. Looks like a messy market day ahead.

LINN ENERGY GETS
THE CRAMER GOOSE

MLPS don't get mentioned too often on MAD MONEY but last night Jim Cramer did talk about it extensively and recommened the stock rather strongly. If you missed it here is the video from the CNBC website. The chart of Linn has bottomed and we have seen a nice recovery from the high teens to almost 25.


The stock traded activtely in afterhours yesterday right up until the 8pm close. Look for a good start here this morning.

Meanwhile we continue to wait for this island reversal pattern in crude oil to complete itself with a gap down open and followthrough. Hasn't happened yet but we continue to patiently wait.

Inventory numbers are due out today so they will be moving crude which is up this morning by 35 cents. Nat gas continues its rally and now has a 13 handle. Stock futures are weaker and this morning we have Royal Bank of Scotland (RBS) prediciting a 300 point decline in the S&P 500 from here as the world comes to an end. Love optimists!

Western Gas LP (WES) which is a new MLP on the block is getting its first round of coverage by the brokerages. Credit Suisse says outperform, Citigroup says hold, UBS says neutral.

Atlas Pipeline Partners (APL) has broken down to a new low after raising guidance on Monday and announcing a 5 million share stock offering after the close yesterday to pay to unwind hedges. The stock dropped over 2 points to 38 in after hours yesterday. Why did the company wait 24 houts to announce the offering? Were they hoping for the stock to rise yesterday on the increased guidance on cash flow. That didn't happen as the stock was flat at best. Maybe the market smelled it out as it often does ahead of time and ultimately we would be at the same place anyway. Still it might have been better from a looks standpoint to do it all at once. Keeps the conspiracy theorists at bay. If any Atlas guys out there want to address this feel free to post in the comments section.

Lots of Linn Energy (LINE) shares traded after hours in the mid 25 range on volume. No news.

Wait a minute. Hat tip to Carlos who let me know we got a Cramer goose tonight on Mad Money.

Now if i had bought Atlas Pipeline Partners (APL) today on yesterday's news i would be pissed right now. They announced a 5 million share offering after the close. Now why did they not do that yesterday when they released the news on the hedge reversals??? The stock offering is being used to close those hedge positions.

Penn Virginia Resources (PVR) makes another purchase of assets. Stock was a 42 cent winner today.

MLPS are up with the index at 1.62 @ 293. Atlas Holdings (AHD) leads the winners list up 1 along with Dorchester Minerals LP (DMLP). Magellan (MMP) E V Partners (EVEP), Enterprise (EPD) Markwest (MWE) Nustar (NS) , Natural Resource (NRP) Penn Virginia Holdings (PVG) Williams (WPZ) Breitburn (BBEP) all fractional winners.

Losers are showing small losses with Atlas Pipeline (APL) Oneok (OKS) Alliance Resource (ARLP) and a few others losing 30 cents or less. Cheniere (CQP) is down 30 cents but thats a 3% loss there on 11 dollar MLP.

Overall market is weak with energy stocks as a whole showing some gains while oil is straddling the fence in here around 133 -34. Please break down already!

While we wait for PPI and other things...one of my favorite movies is on Turner Classic Movies. The immortal Irene Dunne in "I Remember Mama". Instead of some of the crap that passes for family movies these days, sit down with the family one evening and with this classic!

The MLP index chart followed by the Markwest Energy chart.

Markwest (MWE) and Range Resources (RRC) will be running the show together when it comes to Marcellus Shale. Markwest has been one of the best performing MLPS over the past year.

Crude down nearly 2 dollars at this time. The island reversal case is getting stronger but i don't want to speak too soon.

POTENTIAL ISLAND

REVERSAL ON CRUDE

Of course in a perfect world i would be able to tell you the actual date time and downtick but sadly that is not the case. However we had an interesting day yesterday on crude oil which in NY trading opened on the high tick making a new all time print high of 139.89 and then sold off and closed just off the lows of the day. Note on the chart that the USO (Crude Oil proxy) has been trading outside the main channel ever since it gapped up 2 weeks ago on that one day spike to 139. If we can get a gap down open today we could complete an iisland reversal formation which is a very bearish pattern.

Meanwhile no sign of a top in the Natural Gas chart (UNG) which is still locked in a solid uptrend.


All of this action seems to be co-inciding with a potential double bottom formation in the Ultrashares Double short oil and gas (DUG) which follows the Dow Jones Oil and Gas index (DJUSEN). Sometimes the crude and the equities don't move in line but the signals are interesting.

And yesterday's news on Linn Energy where it sold some notes to pay down debt was met well by investors which took the stock up to 24.50 and the chart in my view continues to signal higher prices ahead.


The mlp index finished yesterday with just about a 2 point gain. We seem to be in this period of just boring sideways action with the occasional news item moving an issue here and there. We did get some news after the close yesterday on Atlas Pipeline Partners (APL) which is undoing some hedges and increasing estimates for distributable cash flow for the rest of the year. Since the company last year told us about possibly taking the distribution to 4 dollars annaul it would put the stock at a 10% yield. Should be a bullish driver. Magellan Midstream Partners (MMP) is settling a case with the EPA. The stock has languished lately as it settled above 36 yesterday.

Crude at this time is down 1 dollar as we approach the NY open. This could be the day we break the uptrend...short term that is. Stock futures are stronger this morning as it rallies on the back of Europe and ahead of Goldman Sachs and Producer Prices due out at 8:30am. This is an early post so i will be putting up any headlines as they break.

MLPS are higher on the index up nearly 1.50. Atlas Holdings (AHD) is up 1.70 as the biggest winner as we head into lunch time. Fractional gains in Penn Virginia Holdings (PVG) Calumet (CLMT) Targa Resources (NGLS) Linn Energy (LINE) Enterprise (EPD) Nustar(NS) and Suburban Propane (SPH).

Losers are showing small drops of 30 cents or less except for Hiland Partners (HLND) which is down 81 cents but on only 2000 shares traded.

Crude has pulled back off the record print high but still showing a 2 dollar gain.

USO which is a proxy for crude oil just hit 113 and is at a new all time high. Crude up nearly 5 dollars right now just under 140.

CRUDE UP, DOLLAR DOWN

That sums it up really. The energy complex is higher even with the Saudi's saying they are going to boost production. What is the spin? Doubts they will be able to do it. So crude moves higher. Nat gas is strong this morning up 23 cents. We in MLP land continue to just get our tail wagged in one direction or the other as we straddle that 290 area. The dollar rally has stalled out this morning and that is really where the key to all this lies in my view.

News item this morning as Linn Energy is selling some senior notes in a private placement to continue reducing its debt. Also this morning Boardwalk Partners (BWP) has a 10 year commitment on its new pipeline. The company just completed a large 10 million share stock offering.

No other headlines and no upgrades or downgrades. Stock futures are a little weaker this morning. Crude has now popped up nearly 3 dollars and is approaching 138 a barrel. Could we spike over 140 today?

DOLLAR SCREAMS HIGHER

OIL DOWN AT THIS MOMENT

AND I'M GOING TO THE RACETRACK

Its Friday and sunset racing at Belmont with post time at 3pm. So my vbf Stevie Applebee and I will head for the track to try and make some money. Meanwhile this morning a slightly hot CPI but the market i guess was looking for worse. Also of course food and energy don't count because so few of us eat or drive. The dollar is sharply higher again and that has put some pressure (i'm trying not to laugh here) oil which is down a dollar right now. MLPS were down yesterday to 288 on the index so its below 290 again. This time around the selling seems to be hitting mlps that were not hit as hard in March. Still pressure is pressure and the stronger stock market will give us an opening boost .

News this morning on Western Gas Partners (WES) which is a relatively new issue and it posts earnigns for the first time. No news on US Shipping (USS) which is running out of ticks here with the mlp down to 2.69 after losing another point and change yesterday. If you can't pay the distribution then your sharelholders say goodbye!

No upgrades or downgrades this morning. Back to the CPI; Rick Santelli on CNBC said about stripping out food an energy...my daughter would like her grade point average ex algebra! He is probably the best on CNBC.

You get a headache after awhile looking at all this. Crude was down nearly 5 dollars at one point and nearing 130 when..of course it reverses and within an hour or so time its up 1 and change and near new all time highs. Now its down again by 1....no sorry its back to unch.

All of this course is playing havoc on the markets which have come off their high on stocks. MLPS are a little lower. Big energy is lower by 1% or so.

The shipping MLPS are getting hit hard again. US Shipping is under 3 now and down another buck and change; soon could be the only penny stock mlp! Teekay on its stock offering is also down 1. Plains All Americna (PAA) EV Partners (EVEP) Nustar (NS) Buckeye Holdings (BGH) Holly (HEP) and Oneok (OKS) all fractional losers.

On the winning side Alliance Resource (ARLP) is up another 2 dollars at 52 and change. You couldn't give this one away in the mid 30s a few months ago. Alliance Holdings (AHGP) is up 1. Buckeye (BPL) Eagle Rock (EROC) Natural Resource (NRP) and Constellation (CEP) are all small fractional winners.

Crude is now up nearly 1 and close to new all time highs again. Market continues to pull back away from the highs. You just get the feeling that crude oil wants to spike up to 200 don't you? And i wonder what that would do to stocks as awhole. Take a guess..it won't be pretty. But the market behavior i think is telling us that even the big energy stocks will go down from here along with everything else. And mlps will probably follow.

BIG DOLLAR RALLY UNDERWAY

OIL SELLING OFF...MLPS?

My bet today is that MLPS will follow the dollar higher and not follow crude oil and big energy stocks lower. Stock futures are stronger off that horror show yesterday in the overall market. MLPS closed flat yesterday and with the exception of a couple of issues most mlps didn't do much.

US Shipping (USS) finished the day down 3 dollars to just over 4 as it says it looks like the distribution will go bye bye and why hold an mlp if there is no payout. Also Teekay (TOO) picked yesterday to announce a stock offering after the close which accounts for the drop yesterday in that stock.

This morning we have no corporate headlines and no upgrades or downgrades. Crude is down nearly 3 dollars right now but thats off yesterday's 6 dollar gain. I guess we need to get used to these big multidollar swings.

It might be nice to see one of these guys do a deal or something since the news flow lately has been almost non existent.

US Shipping (USS) has finally come out and said what the market has been figuring out for awhle. The distribution may not be paid and as a result the stock is down 2 points to a 4 handle. Not good for holders here and it is a speculative play here at best. Teekay Shipping (TOO) is down 1 and change probably in sympathy but no news there.

Insider buys at Buckeye Partners (BPL) which has been hit lately with no news. MLP index is unchanged as of this post time as energy stocks are a little higher. Oil is a lot higher up 6 dollars on another bullish inventory report...or for that matter any excuse they can find rallies oil. The dow is down 150 and off its low of the day.

Alliance Resource Partners (ARLP leads the way up 1. Constellation (CEP Atlas Resource (ATN Energy Transfer (ETP) up fractions. Most mlps showing small moves in one direction or the other.

NO NEWS SO ITS OIL

AND THE MARKETS

Since there isn't a stich of corporate news to trade on MLPS are getting tailwagged by the action in the rest of the energy stocks which were down 2% yesterday on their respective indexes. MLPS were down about 1% and are holding just above 290 although we got below that level yesterday


I'm not sure how tis will play. I think the bigger issue is whether the overall market heads down to the March lows for a retest or does energy sell off hard and we diverge from those bigger energy stocks. Of course this assume that crude goes down back below 120. I still think thats where we're going short term but who knows considering the mania in here.


The Dow Jones Oil and Gas index has pulled back to its moving average support and so far that is holding. The XOI index of big oil looks a little more suspect but that too has just moved back to its support lines. Watch the action in the equity to give out clues as to the overall direciton of crude.
So there you have it. A quiet start to stocks...oil up..no mlp news. Oil inventory numbers at 10:30am. Lots of fun ahead today.

Of course the minute i post about the rout in the energy stocks...well it was on the absolute low tick and we've rallied from there. Off the lows and above 290 on the mlp index. Glory.

A big rout is underway in the big energy stocks as the major indexes in oil and gas are now down 3 to 4 percent and that has taken the MLP index with it down 4 points and under 290 again. Overall market following along. Last hour should be fascinating.

Another retest of 290 underway with the MLP index down 3 points. Crude oil is down 2 dollars plus and big energy is down 2-3% so its pulling everything down with it. Few mlps are up. Oneok (OKS) and Boardwalk (BWP) are the 2 biggest losers down 1 point apiece.

When a stock gets downgraded and it doesn't go down its a good sign. Linn down just 9 cents after the Merril move. EV Partners down fractionally and off its low as well.

MLPS down on the index by 2 and some change at just under 291. Energy stocks as a whole selling off today so it may be taking everything else with it. Winners list is thin. Most mlps down fractions to 1 point. Boardwalk (BWP) the biggest loser down 1 on the stock offering.

Another hot day in the city..90s one more time in NYC-land.

Merrill Lynch also downgrades EV Partners (EVEP) to underperform. That one in my view would be a buying opportunity if it pulls under 30. No guarantees of course.

Merrill Lynch in all their brulliance downgrades Linn Energy (LINE) today to underperform . Of course they waited for me to post about the fact that the stock performance has improved. Could be a buying opportunity here.

WE DON'T HATE THEM ANYMORE

We continue to just muddle along here above 290 on the MLP index in what has been a long bottoming sideways process. And while the overall market is on its way to a March low retest we continue to hold above any breakdown point. Good sign.

Now while they are admittedly a long way off their highs i think we can take Constellation Energy Partners (CEP) and Linn Energy (LINE) off the "most hated mlp list" Check out the chart of Constellation which looks like it is breaking out of "cup and handle" formation which in the chart world is a very good thing! At least we are well above those teens we saw back a few months ago.
And Linn Energy (LINE) has very quietly made its way back above 24 and needs to clear 24.50 on volume which could push it back to the upper 20s in a hurry. Also here alot better than that trip into the teens.

So we have the list of the 5 most hated mlps.

1. Calumet Specialty Products (CLMT)
2. US Shipping (USS)
3. Cheniere Energy Partners (CQP)
4. Nustar (NS)
5. Breitburn (BBEP)

Most hated does not necessarily mean these are bad investments longer term. In fact being on this list might be an indicator to put the mlp on your radar screens. For example Breitburn (BBEP) has quietly rallied back from its lows in the teens so it could be getting ready to drop off the list. Nustar was discussed last week as getting to a point where it may be all sold out. US Shipping and Cheniere i would avoid at this point because they have told us that the distribution may be at risk. Calumet (CLMT) is in the process of testing its bottom and it continues to suffer along with other refiners. If oil ever tops or heaven forbid actually goes down one day this one could benefit. Another one for the watch list.

Okay news items this morning as Boardwalk Partners (BWP) whose price has rallied lately from its lows of 21ish to 28 ish...has decided to come to market with a 10 million share offering. Stock was down 1 to 26 after hours yesterday. Also noted some small insider buys yesterday at DCP Midstream (DPM). Love those bullish open market purchases. Someone is putting money where his mouth is.

This morning oil is up (shocked), dollar is sharply higher (really shocked), nat gas is down a few pennies (just for laughs) and stock futures are down about 10 points on the S&P. No other headlines this morning and nothing yet on the upgrade downgrade list.

Crude is off a few dollars....duh! The mlp index is up a fraction....double duh! Overall Dow up 100 points but its mostly big energy..the rest of the tape looks suspect so i will expect attempts to drive them down in the afternoon.

Penn Virginia Holdings (PVG) is up 1 and some change as the biggest winner. Atlas Resource (ATN) Linn Energy (LINE) Spectra Energy Partners (SEP) Targa Resources (NGLS) Alliance Resource (ARLP) among the fractional winners.

Boardwalk (BWP) Transmontiagne (TLP) Buckeye (BPL) and Boardwalk (BWP) among the fractional losers but nothing on volume or news.

92 degrees at noontime...heading for near 100!

OIL OFF AFTER FRIDAY'S HUGE DAY

And why shouldn't be after a rise as big as what a barrel cost about 6 yrs ago. But that is the market drive this morning along with Lehman so we follow along. MLPs last week actually held up well with everything going on. So we start Monday with a firm tone to the overall market and oil down 2 dollars...at least for now.

No news and no upgrades or downgrades for the individual MLP names. The open is coming so i'll wait for things to settle. Blogger issues this morning so i will post as long as its working.
100 degrees in NYC today making everyone miserable.

An amazing day. Dow down 300+ Oil up 11 bucks...MLPs flat on the index.

There should be no complaints. Even Nustar is up! Not bad for an idiot!

Oil is in a parabolic super spike here up nearly 7 dollars; the dow down 260 and MLPS are unchanged! Glory!

Nustar (NS), Magellan (MMP) Linn Energy (LINE) Boardwalk (BWP) Hiland (HLND) Plains All American (PAA) and Constellation (CEP) all fractional winners among others. Constellation (CEP) is breaking out of a cup and handle formation and is doing it on volume.

Losers are relatively contained so far but if this market sell off gets out of hand this afternoon i think we might see the selling spread into the energy stocks which in some instances has begun. So eyes are on the tape.

OIL GOING PARABOLIC (AGAIN)

BIG BROWN TRIPLE CROWN?

First off the MLP index yesterday closed up 2 points and some change which was okay but pales in comparison to the nearly 4% gain in energy stocks as a whole.

But the big story this morning is the parabolic move in oil which began yesterday when Oil was around 121. It has been nearly straight up since then as we closed yesterday around 128 for a 6 dollar gain. And it was the biggest one day dollar gain ever.
And it continues this morning as crude adds another 3 dollars as of this post in European trading to 131. No news that i could find. Its not the dollar as its a little higher this morning. No supply disruption in the news. Its just totally insane. The chart shows a bounce right at support and the trendline but a 10 dollar rally in a matter of hours? This just has to be the last gasp in here. Is it a contratrend rally against the decline from 135 to 120 or are we still in this mega uptrend with no top in sight. I am still of the opinion that 135 was "the" top last week. But the action from yesterday makes you wonder whether it was just "a" top and not necessarily "the" top.

This is an early post this morning so i will put up headlines as they cross. This is a busy day around here as i begin handicapping the race card for Belmont Day and will Big Brown become the first triple crown winner since Affirmed in 1978.

In case you missed it below is Big Brown's preakness win where he walked home to capture the second leg of the triple crown.

Now the only horse that maybe has a shot in here is Casino Drive off of this win in the Peter Pan at Belmont a few weeks ago.

If Casino Drive wins it will be the 3rd horse in a row to win the Belmont that is out of the same mare which is incredible from the breeding perspective. Jazil, Rags to Riches(filly), and Casino Drive are all half brothers and sister and share the same mother Better Than Honor. The pedigree is there for a mile and half, no question. But Casino Drive is very lightly raced, has never run 2 turns, and has problems with big crowds in Japan. And he will have 120k people out there screaming in 90 degree heat.

I think trading oil is easier!

I decided that being called an idiot by an "anonymous" poster was completely unexceptable. You can call me an idiot but don't hide behind " anonymous". So in order to post in the comments section you will have to register and create an identity.

Crude is up 6 dollars (yes 6 dollars) and big energy is up over 3% on most index measures. MLPs are up up modestly. The index is up 1.29 and Atlas Energy Resources (ATN) is up 1 1/2 as the big winner today. Also up Holly Partners (HEP) which is getting back some of what it lost yesterday by 90 cents. Oneok (OKS) Breitburn (BBEP) Constellation (CEP) Linn Energy (LINE) Genesis (GEL) The coal mlps all showing fractional gains.

Dow up 130 but some financials hemmoraging or flat at best. Last hour as always a fascinating time.

MAGELLAN REPAIRS

BUT NOT MUCH ELSE.

Magellan Midstream had some fire issues at its Kansas City terminal but that seems to be resolved. I'm not sure if thats the reason why Magellan Holdings (MGG) took a hit the other day. Sometimes this stuff moves on this news and sometimes it doesn't. That takes care of the morning news as the corporate offices remain rather quiet in MLP land. A deal might be nice but otherwise its pretty quiet. UBS this morning starts coverage on Genesis LP (GEL) at...get ready folks....neutral.

Yesterday the MLP index took at hit as the XOI (big oil) dropped over 3%. As noted last night a few issues took 1 point plus hits but not everything in the group was down. The mlp index continues to base along. 290 is a critical place as always.. There is a firm tone in the futures this morning so i think we should see a firm beginning in the group.


Now as per crude using the USO we are at a place where you could have bought before and made money. First support here at 98 which in my view is not going to hold and we could be headed down to the lower moving averages at 90 or so which would correspond to 110 crude. Maybe not all in one day mind you and intraday rallies continue to remain probable.

I posted last night that the Nustar charts are beginning to look interesting to me. Nustar (NS) and Nustar Holdings (NSH) are carving out what looks like a triple bottom and if oil comes off it would stand to reason that margins here could widen. Looks like Nustar has endured the same problems that Valero (VLO) and the other refiners have had to deal with.



Constellation Energy Partners (CEP) came up to an important breakout point yesterday which is around 22 and got turned back but the selling was light and on miniscule volume. The chart to me looks like its going to breakout soon and a close over 22 on volume could set us up for a run to 25-27 in a hurry...no guarantees but i am long and it looks like the sellers are done here.

Sorry for not posting today. Had my hands full.

We closed down 2 1/2 pts on the MLP index as we head back toward 290. Big energy on the XOI sold of pretty hard...over 3 % there. Nat gas stocks held up a little better. I'm not sure whether there was any Lehman issues going on but based on the issues where Lehman is involved i saw no unusual activity.

Starting to get interested in Nustar(NS) as the stock comes back down to its prior lows. Looks like a triple bottom forming in here (chart above). Will watch carefully. Nustar down another 85 cents today. Nustar Holdings (NSH) showing similar action.

Natural Resource (NRP) and Buckeye (BPL) were both down 1 and change while Holly Partners (HEP) closed down over 2 as the biggest loser. Nothing outstanding on the winners list.

INTERESTING DAY AHEAD!

Well truthfully they all are interesting days; even during those watching paint dry moments. Crude Oil is straddling 124 with inventory numbers out at 10:30am. The overall market has been teetering on the edge with financials and their problems. Energy stocks have been selling off as we noted yesterday with a number of intraday reversals which are only relevant with followthrough. MLPS have actually been up over the last 2 days with relative outperformance. So as I said it should be another interesting day.

No corporate developements and no upgrades or downgrades on the list this morning. Natgas is down 10 cents and holding a 12 handle. So fasten seatbelts kids.

Close near the lows of the day and there were a number of important reversals today in the XOI (key reversal) XNG, DJUSEN (KEY and last week's low) and the USO which looks like it broke through a short term uptrend line. The mlp index however held up much better. Be advised that if we get a rout in energy we're going with it but we should hold up much better.

Also its encouraging with all the Lehman issues that MLPS are holding up far better than during the Bear Sterns collapse.

I discovered that my DUG position has effectively hedged the MLP portfolio so far. I am in the money now on my position and i'm looking for a run to 32-33 where i will sell. No guarantees but that is the plan of action as of this posting.

Bruce...you posted about Magellan Holdings which was down 1 (4%) today on no news. I couldn't find anything so it may be just one of those days. Nothing on Magellan Midstream (MMP) either.

Getting back to the 297 level up 1 and some change on MLPs thanks to a nat gas rally of nearly 3% which is offsetting the 2 dollar decline in crude which is under 126 again. Most of the moves today are fractional in nature both up and down. No extremes on either side. Looks like most of the MLP major components are up today boosting the index.

Dow now down on the day. We'll see what the afternoon brings for us but 300 is a lot closer right now than 290.

Linn Energy (LINE) selling off more assets. Stock is up fractionally on the news.

Nat gas is leading the way here and is holding up other energy. MLP index up .50 in the early going here. Alliance (ARLP) is down 1 on profit taking after yesteday's 3 point + gain.

COAL MLPS ON FIRE

Coal has been the buzz word in MLP land lately as the 2 mlp proxies that have worked the best are Alliance Resource Partenrs (ARLP) and Natural Resource Partners (NRP) which are on the 52 week high list and have rip roaring chart patterns.

Alliance Resource Partners (ARLP) was up over 3 points yesterday on no news other than the fact that coal stocks were up sharply across the board. The momentum continues but just be careful as the pullbacks can be sharp and painful when they happen.

And yesterday was an intersting day for the whole group as the overall market was under pressure from the financials...big energy was flat...and mlps were up nearly 1%. So we had a strong day of relative outperformance. For you unbelievers out there it can happen. Again notice that MLP chart seems to be moving in line with the breakout in the 10 year as rates rise.





All of this is dollar linked and the UUP is the Powershares Dollar Bullish and here we have a bottom forming and trying to breakout of its base. All of this is linked an i am inclined to have a bullish view for MLPS (more than usual) going into the summer. Barring a complete market collapse or a complete collapse in energy stocks (not necessarily the commodities)..i think we may get some nice relative outperformance in here. It might be considered a counter intuitive move in view of rising rates.

No corporate headlines this morning and so far no upgrades or downgrades. Watch Constellation Partners (CEP) as a move above 22 on volume could take us higher to the mid 20s rather quickly. Watching carefully.

We can have a good day relative to everything else. MLPS closed near the highs of the day. The index closed up 2.42 or 0.8% while the dow closed down over 1% and big energy stocks closed about unchanged. Works for me. Alliance Resources Partners (ARLP) closed up over 3 points as the days big winner and Constellation Partners (CEP) closed up over 1 point. In fact re CEP a close over 22 on volume could send this to the mid 20s in a hurry.

We seem to be led by the strengthening dollar and rising rates and not the collapsing financials. Maybe its a brave new world. But a close above 300 the index would encourage me...a 310 close and we'll be dancing in the streets.

No complaints here. Dow down 200 points...MLPS up on the index by 1.20 and if you have the coal mlps you are dancing in the streets again today with Alliance Resource (ARLP) Natural Resource Partners (NRP) and Alliance Holdings (AHGP) all up 1 point or more. Constellation Energy Partners (CEP) is back to 21 and up 70 cents. Atlas Pipeline (APL) DCP Midstream (DPM) Boardwalk (BWP) Penn Virginia Resource (PVR) and Markwest (MWE) among others showing fractional gains.

Losers list today include Legacy Partners (LGCY) Penn Virginia Holdings (PVG) Hiland Holdings (HPGP) Energy Transfer Equity (ETE) all down fractionally. No big losers on the board today.

Keep an eye on the tape this afternoon because if the overall market weakness gets worse we could see it spread to the energy group which as already pulled back from the days highs.

MONDAY MORNING CHARTS

There seems to be a view that this could be a big week with some markets teetering on the edge of making big moves. Probably the one chart that is the most ambiguous is the MLP index chart which continues to move in a sideways channel. The 290 level which has been support except for those few weeks of turmoil last March seems to be holding in here. Also the index seems to be moving in tandem with dollar strength and with the rise in rates. I know that the second one seems counter intuitive but when you lay the short term 10 year chart over the MLP index...they seem to be moving in line. Something to watch.

Meanwhile the dow jones index of oil and gas stocks is looking to do something as it moves with oil..which is down 1.50 this morning and under 126. Last week's low is near 125 and if that goes i think we could see a very fast and hard sell off.

The chart of USO which is a crude proxy could correct to 98 which i think would be close to 120 on the crude contract...i'm making a rough guess here.

The UNG which is the nat gas proxy and has been in an unrelenting uptrend would probably sell off if the rest of energy sells off hard.
Also bear in mind that there is a difference between how the commodities trade and how the stocks trade as they do diverge on some days. But i would think that at least today they should trade in line.

No corporate developements and no upgrades or downgrades this morning at least so far. Stock futures are down as financials are getting hit. Energy is lower across the board.