HOLLY DOING A STOCK OFFERING.

I was wondering just yesterday when this was coming and sure enough they announced yesterday after the close. Holly Energy Partners (HEP) is doing another offering. Its the second one this year; 1.9 million units coming to market. The stock is down over 2 bucks before the open. Last time they did an offering the stock was around 27 and since then we've seen it run to 41. The bull trend means this could be an opportunity. Usually stock offerings tend to make the particular mlp and underperformer for a week or so.

Ex distributions continue. This morning its Nustar (NS) by over a buck. We still have a few more to get through but the bulk should be done by the end of the week. Not much else on the news front this morning. No upgrades or downgrades so far. The dollar is stronger and that means lower oil and lower stocks but we have this big Buffett deal buying Burlington Northern (BNI) at a huge premium to yesterday's close. So the open looks soft but there might be a firm undertone not much lower than here.