SOFT START ACROSS THE BOARD

After Thursday's down day of 2 plus percent on the dow we can take solace that mlps only lost 1/2 of 1% which was nice relative outperformance (doublespeak for being down less). Now this morning we have softness across the board. Oil is down sharply by over 2.50 a barrel and Nat gas has broken below its lows. So a lot of headwinds are out there to start off the new week after the holiday weekend.



The dow has support at 8250 and we will open below that this morning. So this has the makings of an important day and we will watch closely.

Quest Energy LP (QELP) is taking humpty dumpty and putting it back together again. Here are the terms

Under the terms of the Agreement, each share of QRCP would be exchanged for 0.0575 shares of NewGasCo common stock, each common unit of QELP (other than those owned by QRCP) would be exchanged for 0.2859 shares of NewGasCo common stock, and each common unit of QMLP would be exchanged for 0.4033 shares of NewGasCo common stock. Upon completion of the Merger, the equity of NewGasCo would be owned approximately 44% by current QMLP equity holders, approximately 33% by current QELP equity holders, and approximately 23% by current QRCP equity holders. The transaction is expected to be tax free to QRCP's shareholders and taxable to the unitholders of QELP and QMLP.

Enjoy yourself following that one and make sure you have a scorecard.

Not much else happening on the corporate side this morning and nothing on the upgrade downgrade list so far. The dollar is stronger this morning which lately has not been good for equities. So we wait for the open and we will go from there.

The weather this weekend was spectacular and i actually went to the beach. We had a horrible June here so it was necessary to take advantage of the great outdoors.