HOLLY STOCK OFFERING OTHERWISE MLPS OPEN FIRM AGAIN

One of the issues you should look out for in this rally phase is the likelyhood that mlps will take the opportunity with the rise in share prices to put some more equity on the table for sale. Usually but not always they wait for the ex-distribution date to do it and that is what Holly Partners (HEP) did last night with a small-ish 2 million share offering. The stock ran to 31 yesterday and has doubled off the lows so the company is selling 2 million shares. Keep that in mind over the next few days if you are making new purchases. Plains All American (PAA) and Energy Transfer (ETP) are among the ones who already have come to the table in the last few weeks.

The mlp index opens up 1 point this morning with the overall market having a very firm feel to it even though a short sharp correction could come at anytime. MLPS that have been trading in the 2 dollar range continue to rally as Crosstex (XTEX,XTXI) were up 50% just yesterday and are up again this morning nearing the 4 dollar mark. No news driver that i can see.