WAS THAT A BOTTOM YESTERDAY? AND ITS AN EARNIGNS MORNING!

Today's action will be interesting to say the least as we come off a solid day yesterday that undid the losses of the day before. Did you follow all that? Charts are inconclusive in my view. Good sign was that the S&P held the intraday lows of November, the nasdaq never came close to making new lows. And the mlp index is back over 180 and is back up on the year. We had a nearly 10 point swing yesterday from bottom to top and the MLP index closed near the highs of the day.

News this morning on 3 mlps. Quicksilver Gas (KGS) Genesis (GEL) and Targa Resources (NGLS). Genesis has this relatively positive view going foward.

Grant Sims, CEO said, “Our results for the quarter reflect the ability of our increasingly integrated businesses, and the dedication of our employees, to deliver solid financial results in a challenging economic environment. The underlying cash flows from our businesses are not materially, directly impacted by commodity price fluctuations and the demand, in the aggregate, for our assets, products and services appears to be reasonably solid.”

Sims added, “While we anticipate the challenging environment will continue for the foreseeable future, we believe we are as well positioned as anyone to weather the uncertainty confronting almost every business enterprise. With the continuing financial performance of our existing businesses, the healthy coverage of our current distributions, $195.5 million in cash and existing debt commitments, and no need, other than opportunistically, to access the capital markets, we hope to be able to take advantage of both organic and/or attractive acquisition opportunities that we believe are likely to develop in 2009. Our goal is unchanged, and that is to create long-term value for all of our stakeholders.”

The outlooks have been important in driving prices lately. Targa Resources has commodity price exposure but they say things are okay with them.

``Our fourth quarter results reflect the underlying strength of our assets and hedge program. Despite the continued declines in commodity prices and processing margins, our coverage remained solid in the fourth quarter. We believe that our healthy coverage ratio, strong liquidity and hedge program currently allow us to fund our operations primarily from internal cash flow as we continue to assess the durations and ultimate impacts of the decline in commodity prices and the disruption in the capital markets. We will continue to execute with a focus on cost control and discipline regarding capital expenditures while we monitor developments in our markets and areas of operation,'' said Rene Joyce, Chief Executive Officer of the Partnership's general partner and of Targa Resources, Inc. (``Targa'').

No press release yet for Quicksilver.

Crude is up this morning ahead of inventory numbers. Stock futures were lower but they have slowly clawed their way back to the flat line. It might be nice to put 2 up days in a row in here. Bernake putting the brakes on bank natioanlization seems to have put a floor underneath us but will that floor hold?