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.