CROSSTEX ON THE MOVE

Yesterday Crosstex Energy (XTEX,XTXI) got a big goose as Morgan Stanley upgraded the stock to market outperform and the stock shot up about 10%. When your stock is around 5 bucks thats about 50 cents or so and the goose continues today in the pre-open. Actually we noticed a change in leadership toward the nat gas/coal mlps recently. Take a look at Natural Resource Partners which traded with a 17 handle and is back over 21. Alliance Resource (ARLP) has gone from 33 to 37. Those mlps turned as natgas put it a significant bottom 2 weeks ago and that rally continues as natgas is up 15 cents this morning. If nat gas breaks 4.00 on a closing basis it could be meaningful for mlps which have been rendered to single digit land because of depressed nat gas prices.

We are waiting for what should be another firm open as we wait for the fed at 2:15pm and what they have to tell us. No corporate news this morning and nothing so far on the upgrade downgrade list. Stock futures are higher pre open and of course those weekly oil inventory numbers are due out at 10:30am.

Should be an interesting day as the market wants to get to 10000 on the dow and its within striking distance. MLPS want to clear 250 which it can do pretty easily with a firm tape.