MLPS HOLDING SUPPORT FOR NOW!

The last week or so have seen some failed rally attempts to new all time highs as well as failed breakdown attempts through support. So essentially we have been going sideways. Overall markets have tried the same thing this week in what for now has been a rather orderly correction. We're getting ready for the usual slew of distribution announcements that are coming. As usual with mlps its buy the rumor sell the news and the payout hikes seem always to be baked into the cake. Atlas Pipeline Partners (APL) broke out to a new highs yesterday.
The latest upleg seems to co-incide with the Eagle Rock Energy Partners asset purchase from a few days ago. Not sure why unless its a reminder to the markets that Atlas Pipeline is still undervalued. They are going to hike its payout faster than most mlps and that is driving prices higher. Others in the group are coming out of the cloud of a secondary as Buckeye Partners (BPL) did one yesterday at 59.41. This stock has not done well at all in the last year when compared to others.
The stock touched 70 back in November and its been down since thanks to its selling shares with its takeover of Buckeye Holdings even though it was not dilutive. Now that its done its offering UBS this morning upgrades Buckeye to a buy from neutral and the stock is bid up this morning in the pre market.

CPI comes in below expectations (once you strip out all the inflation) and the market appears to be yawning a bit at this. Bonds are higher this morning after the number. Stock futures are flat. Nat gas rallied yesterday on its inventory numbers and its looking to add to its gain today. Crude is down a little. The dollar is up a little against the euro.

Sad news yesterday for long time CNBC watchers as Joe Battapaglia died of a heart attack at the age of 55.



The tribute was done by Larry Kudlow.