STILL IN THE UPTREND

One day doesn't change anything and yesterday's down day in MLP land was modest with a 1.25 loss at the close. I put up the weekly chart this morning and you can see that the next little hump of resistence on the chart is around 270. That might take some time to chew threw and if we get there it takes the annual move to the 60%+ range since 01/01/09. Still no sign of a top.

This morning we have news leftover from last night as Buckeye Partners (BPL) puts up earnings and a distribution boost. And of course what is good for the LP is good for Buckeye Holdings (BGH). We have also a distribution announcement for Energy Transfer Partners (ETP) and Energy Transfer Equity (ETE) both on the same release so you get 2 releases for the price of one press release. DCP Midstream (DPM) announces a distribution unchanged from last quarter.

Softer futures numbers this morning are on the board this morning for stocks and energy. Crude oil numbers are due out at 10:30 am and that should be a market mover. The tropics remain quiet so no upside from that side the equation. Headlines as they break this morning.