300!

HORRAY FOR 300! We hit it yesterday at the close and it marks quite a milestone as i would guess anyone who reads this blog probably knows that 13 short months ago we were somewhere down under 200 and coming off a 146 low. So its an over 100% gain from the low plus distributions. 300 is a significant place on the charts and there are alot of people that could be in a position to get out even. Countering that is real yield and a spread over the 10 year which continues to drive buyers into the group. A couple of things. A correction is overdue but there is still room for mlps to run based on that weekely chart. I guess its possible that we could be entering a new trading range on the weekly chart between 280 and 310. But thats something that we'll know after the chart evolves. So in the meantime enjoy as many of us have seen our mlp portfolios back to pre 2008 levels.

Nothing on the newswire this morning but we do have Kinder Morgans earnings (KMP) from last night which look very good but we could be in the mode of buy the rumour sell the news which would be no surprise as the stock has run from 55 to 65. The conference call transcript is here for those of you interested. Kinder is a cash flow machine and the company keeps its 2010 distribution guidance the same at least for now. Oneok LP (OKS) ups the payout to 1.10 and the yield here is down at 6.60. Thats a 10 year spread of about 2.95 basis points. The bigger mlps have seen the yields return to where they used to trade...in a range of 2 to 3.50 baisis points over the 10 years. I guess the only thing that can stop the mlp rally is if long term rates rise.; which everyone has been predicting but frankly never seems to happen! Plains All American (PAA) rasied its payout yesterday and its another 6.60 yielder.

You had some significant upgrades yesterday by Raymond James of E V Partners (EVEP) and Linn Energy (LINE) to strong buy from buy which is pretty aggressive. Today we have Citigroup moving on Atlas Pipeline Partners (APL) to buy from hold. That mlp has run back to a 12 handle but is miles away from its all time high.

Stock futures pre open are flat and so far this week the overall market has gone nowhere in 2 days. Energy is a little higher with natgas numbers out later today. Rates are a touch higher as the dollar continues to rally.

Sorry for no posts yesterday as i was on a double shift which leaves one a little brain fried to blog.