MLPS OPEN LOWER, NUSTAR & INERGY UP FRONT

Monday morning blues here in the markets as we are back on Euro focus with another one of their silly summits where nothing gets accomplished. Dow down 100 points right now which is in order considering the unrelenting run we've had since January 1st. Nustar (NS) got a downgrade from Citigroup to neutral and the stock is down 1.50. Inergy LP (NRGY) which is down 50% from its highs is up 44 cents as of this post. It lost over 4 Friday on the probability fo a distribution cut coming. The mlp index is down 2.58 right now as the pullback from 400 continues. Also Kinder Morgan (KMP) continues to pull back from near 90 and its down over 1 point today.

Overall, markets are due for some correction here. Whether this evolves into something more serious depends on news items beyond our control. Europe, Greece, Portugal, etc all making noises with no deal in Greece and the buzzards circling around Portugal. MLPS are as extended as anything else out there that has rallied. The VIX has spiked above 20 and it will be interesting to see if it can hold above there. Crude is down. Nat gas is up as it continues its dead cat bounce rally from down around 2.20.