AN IPO, EARNINGS, AND MORE!

Monday morning boys and girls and we have a few things going on that require our attention. First off we have an IPO. Plains All American (PAA) is launching an ipo of its storage called PAA Natural Gas Storage and will trade under the symbol PNG). This is the first ipo since way way back in 2007 in the MLP space when we were getting ipos left and right. It is a reflection of a return to normalcy in prices and companies are looking to take advantage of the new popularity of MLPS cash flow and distributions.

On the earnings front Boardwalk Partners (BWP) put up earnings this morning that beat by 7 cents and beat also on revenues. The stock is bid higher in the premarket. Another earnings report this morning that is getting attention is Alliance Resource Partners (ARLP) which is reporting record earnings, increasing the payout, and raising 2010 guidance. This one is bid up 50 cents from Friday's close but the ask is around 55 so my guess is at least a 1 point up open.

Inergy (NRGY) does what it does every quarter and has done for every quarter 34 consecutive times (8 1/2 years) and that is boost the payout. Inergy Holdings (NRGP) is lifting its payout by 3.5 cents and is nearing par for a quarterly payout (97.5). The stock has been among the best performing mlp more than tripling since the 2008 dec low.

Taking a look at the mlp index we continue this fabulous and very predictable stair step climb and we are approaching the 320 level. More importantly we are just 7% or so away from making new all time highs. The dow chart below is in an interesting place in that we have gone quite a long time without touching and of the support trendlines.

This begs the question. Sooner or later we're going to get a pullback and after 8 up weeks in a row you have to ask your self whether that will be coming very soon. Dont know what the catylist is going to be. Fed meeting tomorrow. Maybe they signal that they may start to tighten? Or maybe it will be some sort of outside event that is not on the radar yet. But we need to keep this in the back of our minds that something is going to come along soon to pull prices down.

Markets are getting ready to open. Its Derby week as we run for the roses on Saturday at Churchill downs. The pre race favorite Eskendreya is out and the filly Devil May Care may be in. My pick is going to be ICEBOX.