CORRECTION TALK PROBABLY MEANS THERE WONT BE MUCH OF ONE!

That headline reflects i think the standard contrary idea that as long as people keep getting rapidly bearish everytime the market turns lower probably means we are not going to go down too much other than the standard 5 to 7% pullbacks. And it could be that we had the pullback last week. Stock futures this morning pointing higher so at least we start this Monday morning on a firm note.

News this morning from Exterran Partners (EXLP) as Exterran Holdings (EXH) is dropping down assets which they have not done in quite awhile. Earlier this year the standing idea from some anal-ists was that no drop downs would occur in 2009 so its a very good sign that they did this as markets continue the slow road back.

Exterran Partners chart shows the repair job is about half done as the stock still stills for about half of what it did at its highs. Distributions here have held steady for several quarters and the reaction today to the drop down will be driven by the preception that distribution growth may resume in coming quarters. All this is being done without an equity offering which is a nice thing. No dilution.

No other corporate developements this morning. Nothing has shown up on the upgrade downgrade list so far. The energy complex is down this morning but nat gas is up and the weather pattern across the US will be colder than normal especially late this week. We could be seeing the first snows in some northern locations by the weekend. The perception of colder than normal weather could begin to impact nat gas trade and perhaps put a bid under nat gas stocks and nat gas mlps.