LINN SETS THINGS STRAIGHT

Linn Energy was "cramerized" last night and it was a good thing. The stock traded up over 2 dollars above the close. The bottom line is that the distribution is 63 cents for the quarter. The company is hedged for future quarters. And the point was made last night that Lehman had a fund that was invested in MLPS that was completely unwound during the rolling crash. And that unwind is now done!

Maybe the end of that unwind is why we are up nicely for 5 of the last 6 days. From the 152 intraday low to yesterday's close we are up 70 mlp index points or almost 50%! And many mlps have doubled off their crash lows like Holly Partners (HEP) Inergy Holdings (NRGP) Penn Virginia Holdings (PVG) among others.

Buyers have control here but given the volitility and that we continue to be in the land of big numbers large swings are likely to continue in here so keep the dramamine handy.

Goldman Sachs is cutting Holly Partners (HEP) from buy to hold probably because of the 100% price move from 2 weeks ago. Stock futures are a little weaker this morning after yesterday's 400 point dow gain. Crude is down a dollar this morning. Nat gas is up a few cents. Credit spreads continue to come in which is bullish for mlps as credit markets slowly thaw out.