CROSSTEX CONTINUES TO MEND!

Crosstex Energy (XTEX,XTXI) has been putting itself back together slowly since the 2008 unravel. The stock has held up pretty well latetly as the LP hovers in the upper teens. Crosstex the GP has made its way to a teenage price and there is more news for them this morning as they are getting together with Apache (APA) to develop the Permian Basin.


How much is this baked into the cake remains to be seen but the company continues to do all the right things and it is paying a distribution again which is the bottom line. The stock may be pricing in a distribution hike coming in a week so we will know soon enough. No other headlines so far this morning and no upgrades or downgrades.

Volatility seems to the word of the morning as markets are watching Italian bond auctions among other things and we went from being down over 100 in the futures this morning to break even. The euro is around 140 after trading below it so it appears stocks catch a bid when the euro turns. Crude is a little lower and nat gas is higher heading into the open. And for all the talk of the debt ceiling and the consequences of not raising it, bond markets are acting is if they simply don't care about it and are looking at Europe instead. So rates continue to trade near all time lows which keeps MLPS with a favorable yield spread.