TIME FOR ONE OF THOSE BEAR MARKET BOUNCES...MAGELLAN TO ABSORB MAGELLAN HOLDINGS

We're down 13 of the last 14 trading days. We are about as oversold as we can get so the futures are at least indicating that one of those bounces may be at hand. Noticed that a some of you are thinking that oil may be at a bottom. It sure feels that way. Crude is up this morning by a buck. It feels like a lot of people are throwing in the towel in here. But outside of one or two up days its hard to feel nothing but despair these days.

Magellan (MMP) is taking advantage of low prices as the announced last night to restructure themselves by absorbing Magellan Holdings (MGG). They well exchange roughly .63 of MMP for each share of MGG. That's 25% above MMP's close yesterday. Smart move. They do ipo's of the gps when they can cash out near some sort of top and now buy the shares back at around or less than where they came public.

Earnings after the close today from Martin Midstream (MMLP) otherwise there is no other news this morning.