OPTIONS EXPIRATION AND
WELLS FARGO BUSY ON MLPS!

Used to be that options expiration didnt mean much for mlps but for the last number of cycles there has been a one day sell off in the group during options expiration. These sell offs wind up getting reversed in a day or two and dont mean much other than to give those nimble enough an entry point at a lower price. Still it makes you wonder whether we are no longer that group of stocks that no one pays attention to. Lots of public offerings has put more shares on the table making this group more liquid. Add to that the ETN that trades based on the mlp index (AMJ)for mlps and who knows what else and the result is perhaps a little more excitement in day to day movements. But remember when the sell offs come (and they will) the movements might be bigger than what we're used to when compared to say post 2008. Of course those of us who lived through 2008 know that nothing will compare to that. And hopefully we never see anything like that again.

Wells Fargo is making some ratings changes as it upgrades Nustar (NS) and Holly Partners (HEP) to outperform from market perform and downgrades Oneok (OKS) to market perform from outperform. Oneok is down a fraction in the premarket. No trades in the other 2 yet.

Otherwise this morning its farily quiet. Not much happening out there on a Friday before a 3 day weekend. Stock futures are a little weaker heading into the open with the dollar rallying. 10 year is up in price down in yield. Energy looks a little lower before the open.