NEW QUARTER..THE UPTREND
IS STILL INTACT...BUT?

Hard to complain about a 6% quarterly gain on the MLP index though the torrid out performance to the overall market is clearly behind us. Also looking at the chart; it still looks good but i have an eye on a few things. The rising 10 year is cause for concern but notice that the pull back in yields the last 2 days has led to an upturn in prices from the 295 level. Also there is the impact of energy stocks in general and on any given day that can add or subtract from mlps. I suppose that as long as the 10year yields don't spkie up suddenly, mlps will absorb it and move on their merry way. But it continues to remain on our radar.

New quarter brings with it a few news items this morning. Holly Energy Partners (HEP) is getting some storage from Holly (HOC). Enterprise Producst Partners (EPD) is picking up some gas gathering systems from M2 Midstream. Speaking of midstream Alerian who manages the mlp index is starting another index (IAMZ) which will measure the daily movements of midstream partners. Also of note today is Crosstex Energy (XTEX,XTXI) having an anal-ist day. Might be nice if they say something about the distribution and if its coming back anytime soon. Natural Resource Partners (NRP) joins a long list of mlps doing a public offering of stock. The stock is down a buck in the premarket, Markwest (MWE) did one yesterday and priced it at 30.43.

Markets pointing to a nicely higher open with stock futures higher. Crude futures breaking out to 84 bucks. Nat gas not doing much and waiting for inventory numbers at 10:30am.

Sorry for no posts yesterday but with Easter approaching its getting very busy for me. Good Friday tomorrow so markets are closed but bonds will trade on a shortened day with the employment numbers due out.