EARNINGS PARADE CONTINUES

Suburban Propane has been an excellent performer in this market as it has been making its way higher and it is in new all time high territory. This morning we have earnings from the company and they missed a bit on the revenue side according to those who watch these things. Still the company continues to grow the distribution which in the end is the bottom line in MLP land. And they did it despite decreasing volumes due to weather conditions as per the press release.

Not much else happening this morning as we look ahead to a soft open. S&P futures showing us down 10 points ahead of the open as the market responds to jobless claims that continue to run soft. No change from the ECB or Bank of England on rates. The dollar is rallying which is putting pressure on gold and crude. Nat gas is flat ahead of numbers and the weather outlook continues to look cold for the next week at least. Morgan Keegan is beginning coverage on Spectra Energy (SEP) with an outperform.

Take a look at the mlp index and we have once again touched the the support lines that have held us for months. And each touch of the support lines has brought us to higher highs. So on the idea that the trend is our friend, the uptrend remains intact.