IS IT LIKE IT WAS IN FEBRUARY?

The chart looks like its repeating itself in which case we need to hold in here today. Certainly closing just a few ticks under the 89 day moving average leads one to wonder whether we will hold or whether we have more to go on the downside. And of course this break leads you to wonder whether the uptrend is over. We suspect it isn't but of course whenever something like this happens it is a natural tendency to be nervous.

This morning more earnings with Energy Transfer Partners (ETP) and Energy Transfer Equity (ETE) on the tape. Also this morning Genesis Energy (GEL) reports earnings that missed estimates (if that means anything) and beats on revenue. El Paso Partners (EPB) reports earnings that beat estimates but the company is taking in its 2010 guidance. On the anal-ist front Wunderlich starts Inergy (NRGY) and Inergy Holdings (NRGP) at buys.

Markets are a little softer ahead of the open as the focus continues on Europem Greece, and the Euro which is now at 1.27 on the dollar. 10 year rates are a little higher this morning. Crude is a little lower and under 80 bucks a barrel. Nat gas inventory numbers are out later this morning.

Back to MLPS if you are buying or adding to positions in here it might be wise to ladder in underneath the market since there is a tendency to chuck these things out the window at the open before bids show up. This could help you pick up some bargains especially in the ones that have yet to go ex-distribution. This of course assumes we are at some sort of a trading bottom. And there is guarantee we are there yet.