MLPS EYEING 340 WHILE DOW EYES 10900!

The numbers indicated in the headline are the next logical stop for both averages. The mlp index hitting 340 seems to hinge on the 10 year staying around 3% as the yield spread continues to drive money one way or the other. The dow completed its "w" bottom when it broke above 10500 and now 10900 seems the next logical place where a little resistence could occur. Ultimately 11,200 is the target short term (next 6 weeks or so).

More ex distribtutions today with Nustar (NS) being the biggest one to go by $1.065. Also going ex dis are Magellan (MMP) DCP Midstream (DPM) and Penn Virginia Resources (PVR). So far the selling on the ex-dis date has been pretty well contained. No reason to see why it should be any different today. Barclays raises its target price on Magellan to 52 bucks while keeping it a hold while Buckeye Partners (BPL) gets downgraded to hold from buy at Wunderlich.

Stock futures have turned a little higher ahead of the open as the ADP numbers where pretty much in line which i guess means relief they weren't worse. Energy is down just a little this morning ahead of oil inventory numbers. The dollar is catching a bid this morning and rates are down..2.88% on the 10 year!