MARKETS BACK IN RALLY MODE!

Stronger employment numbers have put some gas in the tank this morning and futures have turned sharply higher ahead of the open. Its Friday which means the usual slower pace of trading. MLPS had one of those sharp down days yesterday being off over 6 at one point before coming back to minus 4 on the day. All sorts of distortions with ex distribtuions being the primary driver here; some people buy these things just for the payout and then sell. If we have reverted back to normal trading patterns we will work through all this in the next few days and then move on.


Crosstex Energy (XTEX,XTXI) has been one of the victims of this downturn as the charts show. Not pretty and no bounce off the lows in single digit land. Earnings news came out last night and the company updated and raised guidance. This of course is not a bad thing however we have no indication if and when the distribution will resume and that ultimately will determine whether can ever truly recover. If that day every comes this one could move to double digit price land in a hurry. It could be a longer term lottery ticket for the braver among you.

Atlas Pipeline Partners (APL) also put up earnings numbers last night. This is another one that has been victimized going from 50 to 5..now in the land of the 7 handle. No sign of a distribution here anytime soon. Inside the press release we have this.

the Partnership will not pay any further distributions for the remainder of 2009. Beginning with the first quarter 2010, Atlas Pipeline may pay distributions if, pro forma for such payment, its senior secured leverage ratio, as defined in the credit agreement, is less than or equal to 2.75x and minimum liquidity, as defined in the credit agreement, are satisfied.

So we have to wait on this one. Another potential lottery ticket if the market improves. Atlas has a firm tone in the premarket with some trades even with yesterday. Nothing yet on Crosstex.

Your stock price goes up you do a public offering and here comes one from K-Sea LP (KSP) and the stock is down 1.60 in the premarket.On the upgrade downgrade list Wunderlich raises its target on Legacy (LGCY) from 15 to 17 and is keeping it at a buy.

Energy is firm this morning with stock prices ahead of the open. Interest rates are higher and the dollar is rallying. The open looms.