THE SURGE UP CONTINUES

While the market was busy selling off in the last hour, mlps continued their run and surged to an almost 4 point gain on the index. Much of that might have been a 3 point gain in Buckeye Partners (BPL) ahead of ex distribution today. The Atlas Energy (ATLS) and related deals (APL,AHD) probably gave the engine a little extra gas. This is the longest we have gone without a pullback to the moving averages; last occuring at the end of August. One of these days it will come and come in a hurry but i've given up trying to figure out what the catylist would be. Even long rates rising from 3.75 ot 4.30 on the 30 year hasn't triggered a sell off.

Stock offerings make sense when your currency has a nice high price to it. DCP Midtream announced an offering of shares and Enbridge Energy Partners (EEP) also is coming to the well with additional shares. DCP is down 1 in the premarket and Enbridge is down over 2. No other corporate headlines of consequence.

Jobless claims came in a little lower this morning and stock futures are basically flat. Rates were higher on the 30 year as it hit 4.294% before pulling back. The dollar is higher this morning across the board and gold is a little lower. Crude is lower but nat gas is higher again by a few cents.