SOMEBODY NEW SOMETHING???

Certainly one can reach that conclusion or at least it should have crossed your mind. I noticed yesterday afternoon that Hiland Holdings (HPGP) was trading at the takeout price of the Harold Hamm offer of 2.40 and Hiland Partners (HLND) also was trading at the takeout price of 7.75. Sure enough after the close comes news that Hamm will be raising his offer to 3.20 and 10.00 respectively. So if any of you took a gamble on this, you are 25% or more richer this morning. Someone asked a week or 2 ago if this was possible and my response was doubtful but "stranger things do happen" so file this under one of those things. I guess the Hamm offer was getting grumbles from the board as asset prices have recovered substantially in mlps. Also Hamm had originally made an even higher offer and he is a majority holder.

We're waiting this morning for earnings from Nustar (NS) which should be out at any momment. Also this morning Wunderlich is downgrading Sunoco Logistics (SXL) to hold from buy. Stock was down nearly 2 yesterday. MLPS close down 4 as the markets reversed sharply from a higher open. Once again we may be in another one of those stairstep corrections until proven otherwise. 9800 on the dow and 255 on the mlp index are where the support lines are. We seem to get there in a hurry and then start another upleg. Until proven otherwise this pattern continues to be the right trade.

Markets look a little higher ahead of the open as we wait for 8:30am data.