MORE EARNIGNS!

Looks like we are at another one of these steps on the mlp chart which will lead to another pull back to the 34 day moving average or we can just another leap upward on the quest for 260-270. Hard to say which way we'll go and it will depend of course on whether the markets tail wind continues to blow.
One of the things that i do is teach pilots and dispatchers basic meteorology and one thing i've learned is that the stronger the headwind the better the performance on takeoff and landings. It provides better lift. So perhaps from the standpoint of the economy, the headwinds at this point can continue to provide lift for us in this bullish enviornment. What can i say. I've come off a double shift and lack of sleep. Im thinking deep this morning!

We have lots of earnings to chew through this morning. Leftover last night we have good numbers from Plains All American(PAA). Not so good numbers from Natural Resource Partnes (NRP) which lowers guidance for the year. A line in the press release is worth noting where there are signs of a bottom in the coal market. El Paso Partners (EPD) puts up earnings and we have reports from Genesis (GEL) and Williams Partners (WPZ). Targa Resouces (NGLS) has earnings on the table and Exterran Partners (EXLP) puts earnings up that has some things to chew through.

Linn Energy (LINE) has earnings this morning and they also announce they are buying some assets in the Permain basin. Distributable cash flow here is at 1.21 x which is a nice number to see. Also nice to see that mlps are stepping up to the plate again and doing some deals. Linn is up 40 cents in the pre market. Inergy LP (NRGY) is down 1.50 and trading actively in the premarket as they are doing a public offering. Its their second public offering in 6 months as they take advantage of the rise in unit prices. And why not! I would look for some more coming to the equity well over the next few weeks as mlps take advantage of unit prices that in some cases are at 52 week highs.

Stock futures are higher this morning and we have nat gas up ahead of the nat gas inventory numbers at 10:30am. Always a mover there. Tropics are still relatively dead but one of these days it will wake up.

MLPS seem to be behaving the way they used to in normal markets which means that we tend to sell off a bit as we move through distributions and the action the last few days seems to confirm this. The open approaches.