ATLAS ON CREDIT WATCH

S&P who was right there on top of things when Bear Stearns, Lehman, and all the rest got into
trouble. Well those boys are right there again as they put Atlas Pipeline Partners (APL) on creditwatch with negative implications. They sight falling crude prices might pressure cash flow and that they are already in a tight situation with regards to its leverage ratio and its bank covenants. The charts of Atlas tell us that the market has figured this out a long time ago. Certainly the Citigroup downgrade a number of points ago gave people an opportunity to sell at least 10 points higher on APL and 5 or more on Atlas Pipeline Holdings (AHD). Another example of an mlp laying in the wasteland.

Also this morning we have a story about a possible reorganization attempt at Semagroup LP (SGLP). The chariman of Red Apple Group, John Catsimatidis is known up here in NY as he runs Red Apple and Gristede's supermarkets. He is also been rumoured to want to run for mayor of NYC. The man is worth over 2 billion dollars so he is no small potatoes.

Not much else happening this morning but markets are firm ahead of Goldman earnings. Energy prices are higher after yesterday's strange day where crude was up over 3 dollars in the morning and then collapsed to an almost 2 dollar loss by days end. The Fed will also be a player as they make a rate decision this afternoon. I think once all this stuff is out of the way the markets could mount a solid rally. Unless of course we get a surprise.