EARNINGS NEWS, BREITBURN GETS A LETTER,
EX DISTRIBUTIONS, AND MORE!

First we will go over the news from last night as we had earnings and distribution news from Buckeye Partners (BPL) and Buckeye Holdings (BGH) which also lifted the payout. Payout news also from Exterran Partners (EXLP) which kept things even from last quarter. Enbridge Energy Partners (EEP) put up earnings and distribution news last night. And this morning we have K-Sea Transportation (KSP) which reports earnings and keeps the distribution even. So lots of company news to chew through this morning. We also have Quicksilver Gas (KGS) sending a letter to Breitburn basically telling them they are pissed off that they cut the distribution and that they should do clean up their act or they will seek representation on the board. The SEC filing is here and i will post the news release of the letter when it appears. It moved on Dow Jones around 7:15 am. I also found this on gurufocus.com about Breitburn.

We had a 3 point loss on the MLP index as energy stocks took gas yesterday as a whole but the group action was pretty mixed. Some of the largest weighted mlps took hits yesterday but the broader mlp list was flat to higher. A pull back was due anyway as we were up 5 days in a row and 6 out of the last 7. I still think we will head to 220-230 before this rally leg is done.

Stock futures are higher this morning as we continue to struggle to get through 8250 on the dow. Maybe we'll make it through today. Lots of ex-distributions this morning so look for the normal price adjustments. Crude is flat at 51 bucks.

The picture above is of Rachel Alexandra who is the star of the Kentucky Oaks which is the race of the day. Tomorrow is the Derby and I Want Revenge will be the favorite but i am taking a flyer on 50-1 Summer Bird! You only live once.!