DAN DUNCAN DIES

It is truly no exaggeration to say that Dan Duncan was the Warren Buffett of MLPS. He took 10,000 bucks and 2 trucks 20 years ago and turned it into a 30 billion dollar operation. The richest man in Houston died yesterday of natural causes at the age of 77. There are a number of stories on this. This one from the Houston Chronicle gives a good local spin to it. And the WSJ has its story as well. Both are worth the reads. The man was a class act. RIP. Other stories are here on on neat google page. As for the stock reactions this morning Enterprise (EPD) is down a nickle on its last premarket trade and no trades yet on Duncan Partners (DEP). The company release says there are no changes planned in the day to day running of the company.

MLPS closed right on the 300 line yesterday with a 3 point gain. So its back to the top here. Atlas Pipeline Partners (APL) updates its hedge positions this morning. No other news on the wires and no upgrades or downgrades. Stock futures are flat this morning with crude up a little and nat gas down and continuing to drop away from the 4 dollar level. End of month and end of quarter nonsense continues with the tape showing a general upward bias.

Up nearly 4 points on the index now and just under 301. Got to be end of quarter buying with both hands going on here in my opinion. But up is up.

End of Quarter buying and strength in general for energy stocks and the MLP index is up 3 and just ticks below 300. Every mlp i can see is up this morning. Alliance Resource Holdings (AHGP) Buckeye (BPL) Plains All American (PAA) and Oneok (OKS) up major fractions to a point. Tape overall has a pretty good feel to it. As i post the index has crossed back over 300. Linn Energy (LINE) is up 18 cents on its asset purchase and Inergy Holdings (NRGP) is up 60 cents on its upgrade this morning.

END OF QUARTER APPROACHES!

Starting this Monday morning and we have higher futures. Mistakenely mentioned that Friday was the last day of trading for settlement in Q1. It was actually the next to last day...today is the last day! And as is usually the case with MLPS quarter ends are rather quiet from a news perpective.We started Q1 at 285 on the index and peaked at 305. Now we're at 296 up 11 points or a little over 5% plus distribution. Not bad and certainly the torrid pace of rising prices of 2009 is clearly slowing down. No one should be surprised. It was easier starting from 175. We cant go up 100 percent a year forever.

Linn Energy (LINE) is buying up properties in the Permian Basin for 300 million bucks. The company will be using its revolving credit facility to pay for it and says its immediately accretive upon closing. Stock is trading up a few ticks in the pre market. Wunderlich this morning upgrades Inergy Holdings (NRGP) to buy from hold with a 78 dollar price target. A little late to the game here?

Stock futures are up nearly 8 above fair value on the S&P. Bond rates are higher and we continue our approach to 4 on the 10 year. Lots of data this week to look at including employment numbers Friday with the stock market closed. MLPS will be looking to getting some kind of tailwind. The 300 level has been tough (no surprise here). It could be end of quarter noise but its wise to keep a cautious eye in case we are at the beginning of a longer term leadership change...or at least some sort of sideways consolidation in the group.

Attention is drawn to the sinking of a South Korean vessel and North Korea's involvement. Word now is that it was not caused by the north. Markets sold off on the excuse from up 60 to down 10 and now the dow is back up 25. MLPS were up a little and the index is down 1. Atlas Pipeline Partners (APL) shows a 1 point gain otherwise its small fractional gains and losses. Coal MLPs taking a harder hit today with Penn Virginia Resource (PVR) down 1, perhaps selling off because of the offering of Penn Virginia GP (PVG) which not only has nothing to do with PVR but the offering itself is from a shareholder and it is not dilutitive. Could be an opportunity here. Holly Partners (HEP) and the Buckeyes (BPL,BGH) also losing major fractions.

Last day of trading for settlement in Q1. Could be causing some noise in the trading patterns.

Penn Virginia Holdings (PVG) priced its secondary at 18.45 this morning. No news link yet.

Forgot to mention that Atlas Pipeline Partners (APL) got a goose on Fast Money last night. The stock is up 55 cents in the pre market.

Looking at a higher open overall.

MLPS BEGINNING TO LAG

While the overall market has marched higher through the 10,800 short term breakout point MLPS have lagged lately. Now this could be nothing more than a much needed rest or it could be the beginnings of a leadership change. I mentioned earlier this week that the 10 year spiking to the top of its range could be signaling something potentially more ominious for MLPS in the short to medium term. We got to 3.93 yesterday and the question will be whether 4% holds. My own personal view is if rates break above 4% it could put pressure on MLPS as yield spreads potentially widen. Corporate yield spreads to treasuries ( outside of mlps ) have reached unheard of levels in some cases. JNJ and Berkshire corporates are actually yielding less than federal government paper. Its the new world we live in. From a chart basis the 300 level is proving a formidable resistence level. At this point i think the easy mlp money has been made and one does well to stay with mlps that grow the distribution quarter to quarter..or if one wants to gamble to lay a few dollars on mlps that may resume the payout down the road.

Penn Virginia Holdings (PVG) has a 10 million share secondary on the table this morning and the stock is down 1.40. Please note that this is the selling of a unit holder's shares and not a company offering that is dilutive. They did this a few months ago with the stock down around 16 which became another buy point. Of course the wind was still strongly at our backs. Elsehwere UBS is raising its price target on Enterprise (EPD) from 33 to 41 bucks. No other corporate headlines this morning.

Markets are up this morning. The dollar is down. Oil is up and nat gas is hovering around 4 bucks. Rates are flat at 3.88 on the 10 year. Again keep an eye on any approach to 4%.

MLPS dont seem to be doing anything today. In fact they are lower as the market's attention is focused elsewhere with the dow up 100 points. Energy is lagging as well. Nat gas is down. Crude is up a touch.

Alliance Resource (ARLP ) and Kinder Morgan (KMP) are down about 50 cents apiece as the biggest losers out there. Winners include Inergy Holdings (NRGP), Linn Energy (LINE) and Sunoco Logistics (SXL) but the moves are 25 cents or less.

10 year yields pushing up to 3.87% as we wait for the 7 year auction results. Watching closely for signs for a breakout above 4.

THE TEN YEAR YIELD POISED FOR A BREAKOUT?

One standout move yesterday was the 10year yield which spiked up over 15 basis points and now sits near 3.85. We are heading back to the top of the trading range and looking at that chart, it could be that we may finally be poised to break above 4% for the first time since back in fall 2008. Also when you look at the weekly chart, all the technicals seem to be there for a spike up above 4. Moving averages are crossing and turning positive. MACD ready to cross and turn up. Maybe today is the day for a run to 4 if the seven year auction goes as well as the 5 year didnt go yesterday.

Perhaps this spike up is the reason why MLPS may have hit some headwinds recently as we continue to congest around the 300 level (plus or minus a few points). Support continues to hold as the chart indicates. However remember that 300 is important both on the daily and weekly charts as the index spent alot of time trading there and for many its a get even get out point. The 10 year headwind is a bit of a concern as yield spreads continue to revert to normal.
Also take note of the fact that for the first time some corporate bonds and bond spreads have turned negative against the 10 year for the first time in history. This is probably a function of the huge government debt load and the sovereign debt crisis that is causing investors to demand higher yields from government instruments. But still this can't be a good thing in the long haul and we should watch the situation carefully because at some point, markets are going to balk. But for now the overall market trend remains higher.

Stock futures are moving higher this morning along with crude. Nat gas is 2 cents lower as inventory numbers loom there later this morning. The 10 year yield is at 3.84 as we wait for the 7 year auction later today.

Back to mlps no corporate developements. Deutche Bank is announcing coverage on some of the coal names and it starts Alliance Resource Partners (ARLP) at a hold with a 44 dollar price target. Stock is just under 42.

Sorry for the lack of posts yesterday as my schedule became a bit of a nightmare. But its back to normal today.

Inergy Holdings (NRGP) is down another dollar today and its touching its 34 day moving average for the first time since back in September. This one has gone from the mid teens to the mid 70s (anyone buy downthere???) so its entitled to a long deserved rest while others perhaps move to the front of the line. The mlp index is at 300 on the nose as of this post and up fractionally on the day. No big movers of substance in either direction with the except of the above mentioned Inergy Holdings and Linn Energy (LINE) which is down on its stock offering. Holly Partners (HEP) is a 75 cent winner today. And the Buckeyes (BPL,BGH not Ohio State) are down fractions on their downgrades.

Linn Energy (LINE) last night announced a purchase and a public offering and (Gasp!) got a sell from Cramer on mad money.

SUPPORT HOLDS YET AGAIN!

With an air of predictability we had another one of those corrections back to the rising moving average which has held yet again. The overall market pretty much did the same thing and we recovered all of Friday's losses to make a new closing high. MLPS went from down 4 to up a small fraction so we face the new day with the index a few ticks south of 300.

This morning we have a downgrade of a GP that has tripled off its 2008 low. Wells Fargo and UBS are telling us to no longer buy Buckeye Holdings (BGH) and have gone to neutral. UBS also takes Buckeye Partners (BPL) to neutral from buy after its recent move from 50 to 60. Not much else happening this morning in the land of mlps. We're sort of at that point where we are between the last payout and the next round of distribution announcements which btw are just 4 weeks away. Stock futures are a touch higher this morning as the grind upward continues. Natgas is showing signs of life this morning up a nickle while crude is down a touch. The dollar is rallying against most currencies. So let us begin another day and see if we can take the 300 line again.

HAPPY DEPENDENCE DAY!

Marc Steyn has a wonderful piece on the passage of health care and what it means in the longer term. Worth the read. Not very optimistic.

Okay back to MLPS on this Monday. After a nearly 4 point down open on the index we have pulled all the way back to just below the flat line! Individual mlps are off their lows obviously and many have turned higher. Inergy Holdings (NRGP) is the biggest loser down 2.90 as of this post. No news here but its been the biggest winner of the group since the December bottom. Penn Virginia Resources (PVR) Oneok (OKS) and Enterprise Product Partners (EPD) are the biggest winners with fractional gains.

Short post today as i am running around fixing cars and doctors appointments etc etc.

A pullback was in order for a while but the tape was hard to fight. We are getting one today however as the mlp index is down nearly 5 points. 1 point plus losses in Nustar (NS) Alliance Resource (ARLP) Plains All American (PAA) and Energy Transfer Partners (ETP). Every mlp on the board is down today following big energy stocks which are selling off.

Beautiful Friday here in the northeast so i think i will call it a day a bit early and enjoy the sun. Hopefully no afternoon wholesale collapse.

DOW STREAK REACHES 8!

The grind higher continues and everytime the market looks like its about to fall apart buyers emerge which is so characteristic of a bull market. So we are trying for 10,800 today on options expiration day. All kinds of possible headwinds this weekend from our masters in washington deciding how we slaves should be getting healthcare to Greece and a potential rescue. But the market seems to just go on through all o this.


MLPS also straddling around that 305 level and everytime we sell off intraday buyers come back in. So pretty much its the same story until proven otherwise.

No news this morning on the corporate side. No upgrades or downgrades. Energy is down this morning. Stock futures are a little higher. Rates are a little higher as well.

MERRILY WE GRIND ALONG!

Nothing much has changed as we start the new morning. Another up day yesterday albeit a small one as we are on an 8 day winning streak here. MLPS also chugging along which is nice. Thought i would bring up the weekly chart of the 10 year and its interesting because we can clearly see where the demise of Lehman was. And no market has confounded more bears than this one-

At least from a trading perspective we've been in this extended trading range between 3.20 and 4 percent. The bears on bonds have been hammering the theme of rising rates and its not that i disagree with them but this alarm has been sounded and the market has been pretty much sideways for a year. I will say that when the break above 4 happens it will be fast and furious. I wont go out as far as to say that the event will occur with a shift in the rates up stocks up relationship as stocks might be able to absorb such a rise if its percieved as part of the normalization process and not a sign of approaching inflation.

The mlp index weekly chart has been on its steady march upward and we are on a 6 week winning streak here and no sign of a short term top. We had a 4 point selloff earlier in the week and we got that all back already. So the path of least resistence is higher. I would love to offer more pearls of wisdom here but its very hard to fight the tape. I'm still a bit cautious in here because there is that 300-310 range going back to 2007 and that could be the reason why the rally pace has slowed a bit. But the truth is MLPS are trading with the character they used to have before the markets fell apart and its much easier to make money this way.

Nothing much happening this morning. Stock futures have turned slightly higher this morning. Crude is a little lower. Nat gas is lower. Nat gas in fact on a weekly basis is down 6 weeks in a row and is very oversold but that doesnt mean it can't stay that way for a long time. Rates are a little lower with the 10 year nearing 3.60 this morning after reaching 3.75 just about a week ago. If recent form holds yields should mount a rally soon.

MLPS are pretty much news free on the corporate side this morning and no upgrades or downgrades to speak of.

Dow up 70 and mlps up about half a point. Big energy taking the lead today so mlps sort of hanging back a bit. Most moves are fractional in nature. Exceptions include EV Partners (EVEP) as it sells off a bit on earnings. Teekay (TOO) down 1 plus on a secondary. Otherwise we have Inergy Holdings (NRGP) and Buckeye Partners (BPL) about about a buck as the upside leaders.

Dow at the very top of that range and looking to breakout to new closing 2010 highs.

TEEKAY SELLS SHARES

Another public offering is on the table this morning with Teekay Offshore (TOO) selling shares and the stock is down 1 this morning in premarket trading. And we have earnings news from EV Partners (EVEP) this morning and the stock is bid x ask about 1 lower but its moved pretty much straight up from 20 to 31. DCF numbers were up 42% from a year ago and 9% from last quarter. Pretty good increases driven by aquisitions. Probably buy the rumor sell the news going on here. By the way we should point out yesterday that Genesis LP (GEL) public offering yesterday was the sale of a stakeholders position and was not a new issue of equity so there was no dilution here. Stock has more than doubled from its low and it is just off its 52 week high.

The day after the fed and the market seems destined to challenge the top of the range at 10,800 so we'll see what happens when we get there. MLPS closed mixed yesterday as they have already moved above their resistence line at 300. The grind higher is likely to continue today. Stock futures are a little higher. Crude is up this morning extending its 2 dollar gain yesterday. The fed non action is giving commodities a bit of boost post meeting. No upgrades or downgrades on the list this morning.

Taxes all done (amen) and now to the post office to mail the return for the People's Republic of the State of New York!

And finally...HAPPY SAINT PATRICK'S DAY!!!

After being down one and then up 1 mlps are flat as we wait for the fed. Fractional moves everywhere and most of them small except for Genesis (GEL) which is down 1 on the stock offering and Inergy Holdings (NRGP) which is up 1 because its always up and is now at 76 bucks a share. Wouldnt surprise me to see this one go to 100 bucks down the road if it keeps raising its distribution by 6 or 7 percent per quarter.

Waiting for the fed.

FED DAY AND THE GRIND HIGHER CONTINUES!

The low volume grinding rally continues which continues to bring bulls and bears to the battleground. Each day lately has seen many reasons for a selloff and everytime the market rallies back to an unchanged or higher close like we saw yesterday. In the end its about price and we are sitting at the top end of the trading range. Bears will argue the almost non existent volume. And today the fed meeting will come up with something that may or may not break this pattern. See you at 2:15pm.

News from last night that Genesis Partners (GEL) is doing a stock offering and this morning they priced said offering. The stock price is down a buck and change in the pre market. Also this morning Penn Virginia Resources (PVR) announces another pipeline build for a priviate company that will be accretive to earnings upon completion. This is the second such announcement in the last 2 weeks. The stock is bid up in the pre market (as i am one of the ones bidding!).

Stock futures are a little higher this morning. Crude was lower overnight but now its higher. Nat gas is down (again). The dollar is lower against the euro. Looking for a higher open and then a grinding day until 2:15pm when the fed makes an announcment.

Finally after last weekends hurricane like storm that took down my 40 foot 23 year old blue spruce the sun has returned. Glory!

Just hit minus 4 on the mlp index with Nustar (NS) Kinder Morgan (KMP) and Buckeye Partners (BPL) all down about 1 point or so. Energy stocks as a whole selling off in the face of crude down nearly 2 dollars and back below 80 bucks again.

MLPS at the lows of the morning so far down 2.59. Only a handful of mlps are up; most are down fractionally. Buckeye Partners (BPL) is down about 1 and is the biggest loser but its had quite a run from the mid 50s lately.

Markets beginning to weaken with news of the Volker rule being included in the senate finance bill.

Down early on here by over 2 points on the mlp index as the markets are a little lower but energy stocks getting hit a little harder. My advice is if your buying anything in the group to ladder in a little at a time. No danger of these running away from you.

THE SLOW GRIND UPWARD!

We continue to march higher in a grinding boring way. The mlp index starts the week on a six day win streak. However please bear in mind that this is an options expirations week. Im wondering whether we are setting up for one of those hard one day sell offs that have hit mlps from time to time in the last year. Support lines are in the 290s if it happens and up until now all those moves have been wonderful short term buying opportunities. Doesnt mean the next one will be but the trend is your friend until otherwise noted. The dow industrials are heading for the top of the 9800-10700 trading range so it looks like this could be a decisive week and the fed meeting tomorrow could be the trigger.

No corporate drivers this morning so the market will be doing the leg work. No upgrades or downgrades either. Stock futures are a little lower this morning. Bonds a little higher. Gold a little higher and energy a little lower.

Tension building on the tape again so we could be getting ready for a big move one way or the other very soon.

Talk about watching paint dry...this has got to be one of the most boring days on the tape. The dow is flat. The mlp index is flat. And the ranges today have been extremely tight. Something big is coming one way or the other very soon.

Breitburn Energy Partners (BBEP) is suffering from buy the rumor sell the news and its down about 75 cents ish after this mornings in line earnings. Magellan Midstream (MMP) and Martin Midstream (MMLP) lead the list of winners up around 40 cents ish.

OOOOOH...there goes an up tick. The dow is up ,67!

Breitburn Earnings (BBEP) are out and they look very good. Stock is bid up at 16.

LOOKS LIKE A BREAKOUT?

We've been talking about that 300 level and we know have pushed above 303 and we continue to outperform the broad market. So it looks like we've broken out to a new upleg. I say looks like because i'm still a bit nervous here and the overall market is still within its 9800-10700 ish trading range. Still the action in mlps remains bullish as yields continue to come in as the spread normalizes back to what use to be normal.. about 3 points above treaasuries. So im bullish but short term i have my eyes on the exit door. And dont forget next week is options expiration which in the last number of months has produced some big one day moves. You can probably thank the mlp etn's and closed end funds for that action. So far those sell offs have all been buying opportunities.

Breitburn (BBEP) partners are due out at any momment and investors will be paying particular attention to the borrowing base issue, the possibility of a secondary, and comments about the soon to be reinstated distribution. This could be a mover today one way or the other. No other headlines this morning. RBC is raising the price target from 20 to 25 for Vanguard Natural Resources (VNR). Its just about there now.

Markets are a little lower this morning but not by much. Crude is lower and so is nat gas. Euro markets are down this morning. Tension on the tape is building again in this low volume tight daily trading range enviornment.

Up 2.37 and at the highs of the day near 303.60 on the mlp index. Looks like a decisive breakout to new 52 week highs.

1.50 gain on the mlp index and over 302 and at new 52 week highs. Looks like we're breaking out above 300 as strength is building this morning. Kinder Morgan Partners (KMP) is the days biggest winner so far up 44 cents. Most mlps higher with just a handful of losers; and they are off just pennies.

Overall market flat but firm. Oil inventory numbers due out shortly.

Ferrellgas (FGP) posts earnings this morning and what appears to be a bullish outlook at first glance. And at second glance after reading the press release...it is bullish!

Penn Virginia Resources (PVR) announces a deal to provide services for Range Resources (RRC) which will be accretive once everything is online.

Just for laughs Ernestine Tomlin formerly of the once omnipotent (potent with an omni in front of it)phone company now is involved in the healthcare industry!

ANOTHER UPLEG?

Yesterday's close was a new high for the move and over 301 so it looks like we may be on another short term upleg. Im still a little skeptical here due to the massive resistence thats on the chart but if we extend this gain today then i may have to change my tune a bit. MLPS continue to standout while the overall market has been in that watching paint dry mode.

There really isnt too much happening this morning as the corporate front is quiet. Markets are flat with a firm bias this morning so. Energy is up but nat gas is down as oil inventory numbers are due later this morning. Nothing on the upgrade downgrade list. Breitburn (BBEP) earnings will be coming out tomorrow so there may be some bets laid there today.

10 year anniversary of Nasdaq 5000 top. Happy Anniversary!

We are beginning to build a small head of steam here as the market firms. MLP index now up over 1 point and beginning to penetrate the 300 resistence. Looking for a slow build to continue this afternoon.

THE BATTLE FOR 300 CONTINUES

The war wages at the resistence line. Right now trading is the equivalent of watching paint dry but so be it. There is an upward bias and if 300 holds today it might be met with a round of buying this afternoon to clear the hurdle. Until then we watch and wait.

Not much happening news wise but it looks like coal mlps are a bit flattish today while others like Williams Partners (WPZ) lead the way to 52 week highs and its over the 40 mark. The list is split evenly between small gains and small losses with no real standouts to speak of.

The overall market is firm so we watch and wait for the water to boil.

ANOTHER ASSAULT ON 300!

We're back to that elusive 300 top again and the open this morning should bring us right at that door.


Uptrends and technicals are all saying we should break through but i have already expressed my caution on this matter and i will continue to remain cautious until we get some sort of decisive move one way or the other. I would think if the overall market uptrend remains in place we should go through 300 before too long. But doubts remain.

A few anal-ist moves this morning as UBS ups the target price (31 to 34) on DCP Midstream(DCP) while Barclays does the same (20 to 24) to Copano (CPNO). It looks to be more of an adjustment to catch up the moves they've already had then anything new. Transmontaigne (TLP) is putting up earnings this morning and the headlines are that net earnings and revenue increased. Missed this story that Inergy LP (NRGY) is planning to list on the NYSE.

This moring we're seeing small positive moves in stock futures and energy while nat gas is down 10 cents and continues its downtrend from 6 bucks. Looks like a flat open and then we'll see where the day takes us. The path of least resistence remains higher as we are mid way in that 9800-10,700 trading range.

THE TENSION RELEASE AT 8:30AM

You could feel the tug of war push and pull all week long as the trading range every day got tighter and tighter. All of it to be released perhaps with the employment numbers. MLPS have seen perhaps something more meaningful but we're still not sure. After hitting 300 again the group reversed and we are 5 points below that but only flat on the week. To make the key reversal on the daily chart more meaningful we need to see the mlp index drop to about 288 to make this a weekly key reversal.

But we're in the land of who knows here so we will again just watch and wait for 8:30am and the employment numbers to see if this is going to be the market driver.

Martin Midstream Partners (MMLP) put up earnings numbers last night. We have one trade of 100 shares in the pre market down 25 cents so thats pretty meaningless. Also this morning UBS is raising its price target on Markwest Energy (MWE) to 32 from 31 (whoppee!) while keeping it at a buy.

Markets this morning are all about employment numbers so standby for the earth shattering jolt.

You can feel the tension building on the tape in this back and forth tight push and pull as we wait for the Friday morning employment numbers. Meanwhile MLPS are down 2.60 and at the lows of the day as the sell off that started yesterday continues. Most mlps are fractionally lower. Vanguard Natural Resources (VNR) is the days biggest loser down nearly a point and most of the coal mlps are showing stronger fractional losses. Nothing crazy going on and we could still be in the area we call statistical noise. But i cant help but wonder if we're seeing a bit of a sea change and that maybe we are evolving into a trading range bounded by 270 at the bottom and 300 at the top. The test continues.

THE JURY IS OUT!

As advertised yesterday 300 is the big wall and we went up to the Feb 19-22 high and reversed closing lower on the day by over 2 points. And yes it was a "key" reversal which means we traded higher then the day before's high and lower than the day before's low. So there you have it the bull market in mlps is over..time to sell or get short. Well before you go to cash lets look a little closer. Daily key reversals to the negative have a historical record of proving to be statistical noise. Far more significant would be a weekly key reversal and as the weekly chart shows below, we would need to drop somewhere below 288 to get one of those. Also the trading character yesterday was very boring and frankly way to predictable.

The weekly chart is still firmly locked in its uptrend and i think we are going to need to see a whole lot more to convince me that 300 is the trading top for this rally phase. I guess its all going to culminate with the jobless number tomorrow which everyone knows has snowstorms built into it. Never a dull moment.

This morning its a firming stock market but not by much. Energy is a little lower but not by much either. The dollar is a little higher and rates are basically flat. In corporate developments we have Teekay LNG (TGP) which is announcing a deal to buy 3 ships for 160 million and the purchase comes with a pre announced 3 cent distirbution increase for the next quarter. No indications in the pre market.

MLPS hit the wall at just over 300 on the index and have pulled off by about a point to flat on the day at 299 and small change. Energy stocks are up as a whole but not helping mlps today. Penn Virginia Resources (PVR) Buckeye Partners (BPL) Suburban Propane (SPH) and Exterran Partners (EXLP) lead the losers down from 50 to 80 cents. Alliance Holdings (AHGP) and Nustar (NS) among the fractional winners today.

The headwind at 300 is logical. The test is underway.

300 AGAIN!

Assuming an uptrend in the overall market will take us back to 300 today at some point today. It could even happen at the open. Remember this is an important level and do not be surprised if it a difficult wall to get through. However if we do break through decisively then there is nothing really to stop us from getting back to 340 which of course would be all time highs. A lofty goal perhaps but who among us ever thought we'd get back to 200 after seeing 150.

Copano is selling 6 million shares and the market is selling Copano (CPNO) by about a dollar on the dilution of the secondary. The money raised will be used to pay down debt. Otherwise the premarket is quiet and the newsfront this morning is rather lacking. Nothing of note on the upgrade downgrade list.

Overal Markets are flat but showing a little firmness on a less negative ADP employment number. Energy numbers for oil due out at 10:30am. Dollar a little lower this morning which is supportive and rates are a little higher. Not much else happening this morning so we'll bring on the open as i stare out the window and watch another snowfall!

300 LOOMS LARGE TODAY!

With yesterday's 2 point up close the MLP index is knocking on the door of 300 and it could get there in a hurry this morning. So the test is here and i have to be honest i have my doubts about whether it can get through it decisiviely. Certinaly the market tail wind helps and stock futures start the day higher this morning so let the testing begin.

Targa Natural Resources (NGLS) is getting a target price nudge from UBS; 27 TO 28 bucks. Also back to yesterday as Markwest (MWE) put up earnings after the close and reported record cash flow. The stock was up after the close yesterday and is bid higher this morning. Crosstex Energy (XTE,XTXI) put up apparently excellent numbers and the stock responded by climbing over a buck on both the LP and the GP. The prospect of a distribution returning is increasing here down the road and if so..there is probably more upside to come.

Elsewhere this morning the energy complex is nicely higher to start. Rates are higher as well as the market starts the day in rally mode.

Finally this morning she only raced a handful of times but she was unbeaten and her greatest victory was in the 1994 Breeders Cup Juvenille Fillies and it was a terrific race. Flanders dead at the age of 18.