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.