MARKET ACTION AWFUL

A few you were probably thinking yesterday...another 200 point up day and mlps are going down. Well the market took care of that when by days end the overall market completely reversed and closed down. Energy stocks and particularly coal stocks were absolutely destroyed yesterday with 5 to 10% or more not uncommon. So in comparison the MLP index decline of less than 2 points (less than 1%) was a victory in my book. However there were some big losers in the group among coal mlps and some E & P plays like E V Partners which was down nearly 2 dollars on the day.

Today we are starting off with soft stocks and soft energy so a down open is likely. Some corporate news as Enterprise (EPD) and Teppco (TPP) both report no hurricane damage from Gustav. Wachovia is starting Capital Product Partners (CPLP) at a buy so that stock should get a boost. Otherwise not much is going on this morning.

So lets get through the open and get back to the process of base building!