GIVE BACK AT THE START!

Yesterdays closes above 1000 on the S&P and 2000 on the nasdaq are inviting a little giveback and profit taking this morning but the dow has 9500 right above it which is that spike peak back in September of 2008. We'll see what happens when we get there. That line could be a place for a consolidation correction.



The mlp index is getting adjusted this morning for distributions so its starts the day at 248.32 after being up 3 yesterday. This morning we have earnings from Inergy LP and Inergy GP (NRGY,NRGP) all on one press release! Oneok LP (OKS) has earnings due after the close. And of course we are continuing a round of ex-distributions today and tomorrow.

The tropics are going to heat up on the Atlantic side any day now and there is a wave in the far eastern Atlantic which will bear watching along with a disturbance on the African coast about to move off. This could be a driver for nat gas which ran back to 4 dollars yesterday. Crude this morning is down about a buck after getting over 71 bucks yesterday.

Morgan Stanley is cutting Plains All American (PAA) to equal weight from overweight but it is raising Buckeye Partners (BPL) and Buckeye Holdings (BGH) to overweight from equalweight. The latter 2 moved sharply higher yesterday so this may have been priced in to a degree. Lately the downgrades have been good opportunities to buy shares from panic sellers which is typical when your in bull mode.

Stock futures are softer this morning but nothing tragic so lets bring on the open!