THE BIG BLIZZARD!

Second burial of the year for me and the third or fourth for some people nearby left me out of the loop yesterday as MLPS dropped 3 points on the index. It appears the overall market is in corrective mode here and mlps are holding up better but we are getting into a rather important area here and we really dont wont to see these trendlines give way.



Still we are oversold and if we are going to bounce we need to hold last Friday's intraday low otherwise we could be looking at something far more serious.

This morning we have earnings news from Holly Partners (HEP) which reports record Q4 and year earnings. How much is baked into the price remains to be seen however. Plains All American (PAA) came in with another solid quarter after the close yesterday. They told us so in their release so it must be true. We'll see what the market says. Penn Virginia Resources (PVR) put up records earnings (PVG) and Penn Virginia Resources (PVR) put up record earnings last night which makes sense since one is the general partner of the other. And in other non earnings news Enbridge Energy (EEP) tells us they are planning to expand their pipeline further in Haynesville.

UBS is upgrading Buckeye Holdings (BGH) and raising its target price. Not much else going on as markets are waiting for whatever the eurozone is going to do about Greece and everything else.

Sorry about yesterday but I was in the land of double shifts.