DRAW A LINE AT 270!

I dont want to keep making much ado about the 270 level on the mlp index but it would be nice if we can finally clear it. We have been having some trouble making headway and thats because MLPS themselves have been taking advantage of the rally you see on this chart to sell new equity. Regency Partners (RGNC) is the latest to join the parade as it puts 10 million units on the market this morning. The stock is down 1 in the pre market. Also Regency will be at the RBC MLP conference on December 18th and has put up a slide presentation for your viewing.

We have a downgrade this morning of Boardwalk Partners (BWP) based on valuation. The stock is cut to marketperform. Not much happening so far this morning on the news front. The energy markets are lower this morning. Stock futures are a little lower after yesterdays gains. Gold is over 1200 an ounce this morning.

I just want to go back to the 270 level issue. 270 was an important wall where back in 05-06 we spent time building a base before launching that final assault to the 340 all time high top. So this is a logical place to find resistence. Year end issues are also beginning to play here with a push and pull in both directions. Of course we shall watch the situation carefully.