MIRROR MIRROR ON THE WALL
WHO IS THE CRAP-IEST MLP OF ALL?

The answer of course is everyone's favorite crap stock Terra Nitrogen which has broken out above 200 and sits at 225 this morning. Its usually not one of the mlps i pay close attention to but its noteworthy to have an mlp trading in a place where Apple Computer once traded. You don't have to be a tech stock to achieve double par! And with demand good here no doubt we will see this one go even higher as long as the market holds together.

Meanwhile back in the oil and gas patch the mlp index has been straddling the 400 level for the last couple of weeks and we are at a breakout or fake out point here. Tail winds are still bullish so unless we get an overall market reversal of unusual magnitude the path of least resistence is higher. We have passed the ex distribution days and checks are in the mail to arrive over the next couple of days so enjoy these fabulous yields which continue uninterrupted.


Dow chart remains in bull mode here. No sign of any pending top though i have noticed that the vix is back near 20 after getting down to 16 last week. I suppose some people are a little nervous and we have a dow 15k front page of Barrons. So far this morning some selling with the dow down 40 and the nasdaq down 15. MLPS however are up a fraction near 401. Buckeye Partners (BPL) Atlas Pipeline (APL) and Markwest (MWE) are the biggest losers this morning down 50 cents or so. Buckeye got downgraded to sell yesterday by Citigroup. Nustar (NS) Energy Transfer (ETP) and Holly Partner (HEP) are up fractions; about 50 cents or so as the biggest winners with everyone else somewhere in between. Nat gas is up 3% for who knows why. Crude is also up over 100 bucks again.

Sorry for the lack of posts lately but life has been quite busy and i'm trying to settle into a new schedule. I appreciate your patience.