RBC MAKING LOTS OF MOVES!

RBC Captial Markets is doing a lot this morning on the anal-ist front so here is a rundown.

Raising Breitburn Energy Partners (BBEP) to outperform from market perform
Cuts EV Partners (EVEP) to market perform from outperform
Cuts Encore Energy Partners (ENP) to market perform from outperform
Raises the target on Linn Energy (LINE) to 34 from 30 bucks
Raises the target on Legacy Partners (LGCY) to 26 from 24.

So far none of those stocks seeing any action in the premarket. I have often found that in some cases its good to watch the action of the stocks that are cut. If they wind up closing higher on the news, they tend to move to higher highs in the weeks that follow. Doesn't always work though. For example if the cut comes as a result of an earnings miss or (heaven forbid) a distribution cut.

Energy Transfer Partners (ETP) is going to the well with an equity offering this morning and the stock is down over a buck in the pre open. That will probably weigh a bit on the mlp index. Otherwise we're coming off yesterday's 2 point mlp index gain. Not exactly a rip roaring day to the upside but it was positive. And we continue to watch this relentless drop in interest rates as it appears that the fed is doing everything it can to lower interest rates on the long end, perhaps to bring action to mortgage refinancing to stimulate the economy. Good luck with that. I know im now within a few years of finishing off the monthly payment and frankly i want it to go away; even if i can get cheap money at 4 percent or less.

Stock futures are picking up a little steam ahead of the open. The energy complex is lower except for nat gas. The tropics should be heating up in the next week or 2 but whether that means storms in the Gulf of Mexico or not remains to to be seen. The dollar is down this morning and rates are a little lower.

Okay bring on the open. Frankly i continue to get concerned over the fact that mlps have pretty much stopped moving higher. Even on up days now we are starting to underperform. Could be just a short term blip but something to keep an eye on. How much lower can rates go? Are we getting close to a tipping point?