ANOTHER STOCK OFFERING ON THE TABLE

Williams Partners (WPZ) is taking advantage of its strong stock price to get an offering done before the quarter closes. The stock is predictably trading down 1.53 this morning. They join a long list of mlps and frankly there are probably 1 or 2 that haven't done a stock offering in the last 2 months. Breitburn (BBEP) is doing a private placement of senior notes to raise some money to pay down debt. All in all its favorable market conditions that are allowing companies to go out there and raise money and in the end thats a good thing.

MLPS closed higher yesterday in a lackluster tape and this morning we have lower stock futures as Europe sold off so we are going to start the day down. Gold is hovering around 1300 this morning while crude is down over a dollar. Nat gas is a few ticks higher and its been firm going into quarter end. Yields are lower thanks to jobless claims and housing numbers are coming out at 10am and that will probably be a market mover today.

Not much else happening this Thursday morning as we gear up for end of quarter next week.