ARRIVED AT CRITICAL JUNCTION!

It didnt take long for MLPS to arrive at an important place. This morning with all the big gap downs coupled with ex distributions and 10 points came off the index in a big hurry. Free cash on days like today coupled with well below market prices can bring gains to the nimble who are waiting to catch mlps being thrown out of windows. Right now the index is down 9 at 297 and small change. Calumet Specialty Products (CLMT) announced earnings this morning that came up short and the stock leads the losers list down 3. Alliance Resource is down almost the same on no news and an ex distribution. 1 to 2 point losses litter the list of major mlps. Inergy Holdings got a downgrade from Wells Fargo and its down 1.44. Its ex dis by a point this morning as well.

Atlas Pipeline Partners (APL) is flat and Atlas Holdings (AHD) is actually up a few ticks on earnings last night. The company said it had the equivalent of 38 cents in distributable cash flow which may mean a distribution is coming back somewhere down the road. The Willams pair (WMZ,WPZ) put up earnings this morning. Both are down with everything else.

Okay we are at the 89 day moving average on the mlp index which we last hit in early February and that was an execellent entry point. If this one is another excellent entry point now depends on the overall market and whether its correction has run its course or not. Of course we are tied to outside events right now with Greece falling apart and the threat for the euro debt crisis to spread out to others. Watch the euro for any signs of a rally as that may turn the market around. It seems to be trying to put in some sort of tradeable bottom today but catching these falling knives is never easy.