KINDER MORGAN DOES (ANOTHER) OFFERING!

Kinder Morgan (KMP) will be a bit of a drag this morning on the MLP index as they are doing a publick offering of 4.5 million shares as indicated by this 8k filing. Kinder does these offerings a little more frequently then other mlps but any investor who rode the ride in this one would be sitting at all time highs right now and enjoyed fabulous payouts along the way. The stock is giving back 1.50 in the pre market this morning.

Linn Energy (LINE) has a deal on the table this morning as its buying a 150 million in assets. The release says the assets are a good strategic buy with 20 years of potential reserves. The stock is bid a little higher in the premarket.

Not much happened yesterday other than the push and pull in both directions. Clearly the Dubai story has had minimal impact so far and unless there is another shoe to drop there markets are going to continue to trade in the stairstep uptrend. Stock futures are higher this morning by nearly 9 S&P points. Crude is higher nat gas is lower and the dollar is losing ground today against the Euro and Pound...all of which lately has been good for US equities.

Back to mlps if the market trends continue through year end 2 forces will be at work here. One will be the year end buying pressure of stocks of this top performing group..up over 50% plus distributions vs those who might like to book those profits before 12/31/09. My guess is in the bullish uptrend the former will overpower the latter. MLPS look to clear 270 on the index but Kinder Morgan (KMP) will definitely be a drag today on the index.