Contellation Energy Partners (CEP) is having a conference call on Thursday about 2009 business plans. Maybe they will mention the distribution which is bound to be cut.

MLPS in a holding pattern this morning up a little under 1 point on the index and well off the highs of the day. Energy stocks as a whole are higher but off their highs as well. Crude oil was higher this morning and then turned lower again.

Atlas Pipeline Partners (APL) not reacting much to the credit watch news from S&P. Its down 29 cents this morning. Atlas Holdings (AHD) is down about the same. Markwest is down 55 cents and sits right at 10 dollars this morning. No news there. Most other losing issues today are shedding fractions.

Winners include Nustar (NS) up 1.63 and is today's biggest winner so far. Fractional gains in Martin Midstream (MMLP) Holly Partners (HEP) Sunoco Logistics (SXL) Energy Transfer (ETP) TC Pipelines LP (TCLP) Magellan (MMP) and Semagroup LP (SFLP) which is a big percentage winner as a mlp with a 3 handle.

The fed decision is due at 2:15pm. Once we get through that it looks like we have some headroom to take prices higher over the next few weeks...imho of course.