MARKETS SHARPLY LOWER, MLPS ALSO LOWER!

After a down open and a feeble rally attempt we are seeing markets tanking. The dow is down nearly 180. MLPS are down over 3 on the mlp index as they follow along and energy stocks are taking it on the chin as well. Attention is on Greece and defaults and riots and anything else you can think of. Economic numbers today were not especially good. There was even a little inflation in the CPI numbers even after you strip all the inflation out!

There is some mlp rebalancing going on and that has some mlps taking larger than normal hits like Holly Partners (HEP) which is down 2 and change. Crestwood Energy (CMLP) is going into the index so holders of the ETF's and ETN's have to buy. Crestwood is up a dollar. Otherwise we're seeing a slew of 1 point plus losers in Alliance Resource (ARLP), Sunoco Logistics (SXL) and TC Pipelines. Breitburn (BBEP) is down 1 and change on a stock offering. Quicksilver (KWK) owns 15 million shares and they are selling 7 million. The rest of the list is showing lots of losers shedding major fractions.

Copano(CPNO) is actually up one cent as it is continuing to expand their relationship with Kinder Morgan (KMP). Kinder is down just 19 cents right now.

Crude oil was down, then up on inventory numbers, and then took a big hit after 11am after the dollar rallied big. Crude is down 2 bucks. Nat gas is a little lower but off its lows. The afternoon trading looks shaky so the last hour could be interesting.