NEW QUARTER, STOCK OFFERINGS, AND MORE!

Energy Transfer Partners (ETP) has gone to the well a few times and they have once again done an offering of shares. 6 million shares are up for grabs and the stock is down 1 and change on the dilution implications in the pre market. MLPs with a double digit stock price continue to use price strength to raise capital which in the long run is a good thing. It speaks well of better market conditions for equity and credit overall.

With the new quarter beginning today the open looks a touch weak but nothing tragic. I continue to wonder about whether we may see some people book profits in mlps which are up 42% this year not counting distributions. Total return of 50% is something you don't see very often and the temptation is there to book profits between now and year end. And remember many people probably have lots of capital loss carryfowards on their taxes to offest any gains. Also bothering me a bit is the 250 level which continues to offer some formidable resistence. Of course one good up day takes that out but I worry that this could be some sort of intermediate term top and that the index will take a trip back down to the mid 220's which i would think is the bottom of the range. Still not giving up though on another breakout.

Stock futures as we said are lower. Oil and nat gas are lower. Oil had a 3 dollar run yesterday. Nat gas has inventory numbers out at 10:30am which should be a market mover. Duetche Securities starting Captal Products Partners (CPLP) at a buy. No trades in the pre market. Not much else happening so far this morning.

October will bring with it the next round of distribtuion announcements as we head toward the end of this month along with earnings. At least in a month or so the checks will be in the mail!