KINDER MORGAN BUYS PETROHAWK STAKE!

We have a few corporate items that will be impacting the MLP index today. Kinder Morgan(KMP) went shopping and came home with a 50% stake in Petrohawk's (HK) nat gas system in Haynesville shale. Looks like the deal is immeditately accretive to earnings and shows just how important Haynesville has become. Pre market action has Kinder Morgan flat while Petrohawk is up a buck. There will however be downside pressure on the index today as Enterprise Products Partners (EPD) which is the largest component of the mlp index doing a public offering of over 11 million shares. The stock is down 1 in the pre market. Those are the primary drivers in the group today. And btw that is one nice looking chart of Kinder Morgan Partners which doesn't include 5 distribution payouts in that stretch.

Markets were softer overnight on Aloca (AA) earnigns last night but futures are moving back to the flat line as we continue to play around the 11,000 level on the dow. No change in the outlook. The path of least resistence remains higher. The dollar is a little weaker this morning and energy is flat to a little lower. Nothing of consequence on the upgrade downgrade list..at least so far.

The open looms!!!!