MORE EQUITY OFFERINGS.

Markwest Energy (MWE) is joining the long list of mlps doing a public offering which given the 40% price rise in mlps and a doubling of the price of this one off its lows and you should not be surprised. The stock is down over 1 in the pre market. The behavior lately of mlps doing equity offerings is that they tend to do nothing for a week or two afterward and then resume their march upward. So many mlps have come to the well in the last few months ( and some have come twice) that the good news is they may not come to the well again for the rest of the year.

I wasnt too crazy about the close yesterday technically but that was just one day and this morning we will start higher although the futures came off sharply when retail sales showed a drop. Still the market looks like it wants to rally and 9500 on the dow is resistence in my view. MLPS are flooring near its rising moving averages so 250 now looms as the short term top to get through.

Not much else going on this morning. Energy is higher with oil near 72 bucks. Nat gas once again is testing its lows and is going nowhere. Inventory numbers for nat gas will be out at 10:30am and for the most part i think nat gas is trading down this week into the nunbers so shorts may take the opportunity to cover. One of these days. Nothing on the upgrade downgrade list but i would continue to use downgrades as an opptorunity to go long. Energy Transfer Partners (ETP) is the latest example as they were downgraded earlier this week and the stock sold down to under 41 and is looking to open over 43 this morning. You have to be nimble but it is doable.