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Friday, November 28, 2008


Sorry about the late first post but its been busy in some respects and slow in others. Not much market action to speak of. Energy stocks lower with energy. MLP flat to a little lower but nothing tragic.

Going to take the day off and digest and leach out all the garlic i ate yesterday. Also getting comfortable with my new laptop. I went with an HP because i needed to many add ons to the mac for my work stuff. So i am going to get a mac desktop for the family computer instead. Its funny how your arms and hands get used to a keyboard and now the new keyboard is a little different. But i'm going to work that through. Watching in case any headlines break. Otherwise enjoy the rest of the holiday weekend.

Wednesday, November 26, 2008


Okay its not as bad as in this Chaplin scene but we do have so much to be grateful for!
All the best to you and your families!

Could be! Dangerous road to travel on these days calling bottoms but the first one that caught my eye is the Dow Jones Oil and Gas Index which i think is the best looking of all the charts i'm posting this morning. Now it doesn't mean today you run out and buy but at least the big energy stocks have stopped going down and did not undercut their lows last week with the rest of the market. So keep an eye on this for relative outperformance. If energy is the leader it would increase the arguement that we're in a bear market rally and not some new bull move. It would be unusual for the prior leadership to retain its leadership status in a new bull market. Besides we're not even sure we've actually hit "the" bottom. It certainly feels like "a" bottom.

Dow charts also look like they are building tradeable bottoms in here for a nice bear market rally that could last awhile. Again this is in the context of a tradeable bottom. Of course I saved the MLP index for last since those charts still look pretty pathetic

The best thing one could say here is on the daily chart the mommentum into last week's new low was not as strong as the prior move to 150. We're still working on the weekly chart above which needs more time to give us a clue. But that rounding top on the daily at 220 is formidable so needless to say we have a lot of work to do as we wallow in the depths of bear market despair.

If you think we're at a tradeable bottom and you want to play energy there is a new triple leveraged energy ETN whose symbol is ERX. At least if we're going to get a tradeable move its best to have some leverage. Ladder in carefully for the best results in dollar or more increments. These things can move in both directions.
Day before Thanksgiving with lots of market data coming out this morning. Stock futures are 15 points lower on the S&P after our first 3 day rally since August. My guess is that we'll see some early movement and then everyone will start to go home. No individual corporate developments this morning. Everyone is still in business last i looked. Energy higher after being down hard yesterday. We'll work through the data and the open and take it from there.

Tuesday, November 25, 2008

Well the broader market broke the 3 day rally curse as we closed higher on the day on the dow and S&P for the first time since August. MLPS not so lucky. Down 2 on the index and really still working on 2 in a row let alone 3.

Kinder Morgan (KMP) Oneok (OKS) both index heavyweights and both down about 2 points each put a drag on the index today. Sunoco Logistics (SXL) up 2 and Hiland Partners (HLND) up 1 and change the 2 big winners today. Crosstex Energy LP (XTEX) up nearly 1 getting back the 1 it lost late yesterday. Otherwise no outstanding movers either way.

Winding down a bit for Thanksgiving which is my favorite pressure...just food!
One of the things i've decided to do at least for now is scale back on adding to mlp positions until we get some visibility on q1 distributions. Kinder Morgan (KMP) has given the all clear signal for them...but among the damaged mlps in single digit land; the market is telling you that it is forecasting a yield cut. IF and thats a big IF...the market is wrong...many of these stocks will double or even triple in a hurry. This will especially be true if the credit markets every get back to some semblence of normal. But for trading opportunities i think right now you are better off playing the leveraged ETF'S and ETN'S.

Last week i posted about using FAS as a way of taking advantage of triple leverage. What i missed was FAS was triple financials. Now as it happens the trade worked for me as i laddered in from 35 (started way too early) down to 12. I had an average price of 20 when it was all done and sold this morning pre-open at 25. I would have stayed away from financials but sometimes luck shines your way. Also hedged by selling call options and bought them back yesterday thanks to great executions and spreads wide enough to drive a mack truck through. Glory!

Large cap triple's symbol is BGU which is the better non financial...or at least less financial...and you get 3 times the move. Also DDM which is double dow industrials as another way to play upside in case we get left behind in mlp land. This story has a list of the available triple leveraged etns. Also story this morning on leveraged etfs starting for commodities and currencies and next week we will see gold and silver arrive. Food for thought.

Or campy 1960's television! That said the three day rally curse was something the late great wise and wiity Ed Hart use to allude to when we are in bear or bearish trading enviornments

Stock futures were down...then up 10 on the S&P and now selling again ahead of GDP which leads me to believe that....whoops now up 10 again on the S&P ahead of it looks to me like we have a chance here to break the 3 day rally curse. And of course MLPS will follow suit. Breaking news as the fed is taking action buying up loans and the market cheers!

Morgan Keegan downgrades Kinder Morgan (KMP), one of the few mlps to hold up in this mess. The company last night gave guidance on 2009 distributions which was positive. I imagine that if the market is in rally mode that the downgrade may not make any difference. No other headlines this morning. Energy is a little lower this morning after yesterday's big gains.

Two days until we give thanks kids...lets keep things in perspective!

Monday, November 24, 2008

I think for further guidance we should consult the Book of Armaments!

Kinder Morgan announces distribution guidance for 2009. $4.20 per unit isn't too shabby. And it can't hurt confidence anymore than it already has been hurt.

We need to get back over 200 on the MLP index on this bear market rally just to calm us all down.
Crosstex (XTEX) sold off and closed down 97 cents to 3.50. No news and not many ticks left in this one. Buckeye (BPL) Nustar (NS) Sunoco Logistics (SXL) Kinder Morgan (KMP) Oneok (OKS) and Energy Transfer (ETP) among the big winners all gaining 3 points or more. The mlp index was up 17 and closed just under 170.

Noticed some dorm 4 filings showing insider buys at DCP Midstream (DPM), Hiland Partners (HLND) Hiland Holdings (HPGP) among others. Of course these days its like buy call options;they are priced like call options!
We continue to build on the gans now up 18 points or 12% on the mlp index. Oil up over 4 dollars is certainly help plus the severe oversold conditions. Buckeye Partners (BPL) is up nearly 8 dollars and continues to be the days big leader.
Back well over 160 and up 15 points on the mlp index. No surprise given the damage that we would get a 10% rise or more in one day and that's were we are seeing. The dow is up 221 and is off the highs of +340. Still the tape feels good today and my guess is we will build on gains after lunch.

Quiet on the corporate new front for MLPS. Nothing significant. Buckeye Partners(BPL) is up 5.88 as the biggest gainer today. 2 to 3 point plusses in Nustar(NS) Kinder Morgan(KMP) Oneok(OKS) Energy Transfer (ETP) and a few others.

Morgan Keegan downgrades Hiland (HLND) today. The market has already done that!

We are in a holiday shortened trading week which is ncie because we have one less day to go down.
But things are looking up this morning as we are adding to gains from Friday's late reversal. And we have crude up and a firm energy complex with stronger equity and Nigerian explosions or something. And the government has rescued Citigroup over the weekend which seems to be viewed with a positive least for now.

No corporate news and no upgrades or downgrades so far this morning. We are certainly entitled to a big rally in MLPS and when that rally comes is anyone's guess. We'll probably see some catch up this morning from Friday's late turn. We'll see if it holds.

Friday, November 21, 2008

Last hour begins with Citigroup trying to hold above 3 dollars...dow at the flat line going back and forth. Dow Utilities oddly having a good day up nearly 4%. Not sure what this means but the mlp wholesale liquidation continues.


BOTH free polls
The mlp index has broken below 150 and is down nearly 7 at 148. No hope really as the few remaining double digit mlps are getting hit and the vast majority of mlps are now under 10 dollars.

Makes you wonder whether we'll be around for much longer. But at least i bought USSPZ at 6 cents yesterday and its holding 18 cents! Glory!

Market continues to swing on citigroups every tick. Big Energy and basic material stocks are rallying today which is probably holding up the averages
BTW for you traders out there...if you want to go long in here for the potential for one of those one day jaw dropper rallys...i'm using FAS...its an ETN that is triple large cap. Makes big moves. Week range is 12.60 to 35.80! But ladder in if your going to do it and it goes down just as fast. It also has options so you can do buy/writes with huge premium.
Clearly when it comes to Citigroup....

And this has the whole market in turmoil again. Up 160..then down 100...right now up 60. Last time the VIX hit 80 it was a buy opportunity for one of those 20% bull markets that last about 6 or 7 trading hours.

MLPS were up early and now holding onto 150 by the skin of their teeth...down 3 plus points on the day. Buckeye Holdings (BGH) is down 4 at 11 after getting their tender offer pulled. You should have taken 17.50! Nustar (NS) is down almost 3 dollars. Williams (WPZ) Holly Partners (HEP) Atlas Pipeline (APL) Buckeye (BPL) Amerigas (APU) and Sunoco Logistics (SXL) down between 1 and 2 points.

Winners right now are few. Kinder Morgan (KMP) Oneok (OKS) Excrement (Exterran )(EXLP) Natural Resource (NRP) and a few others up fractions to 1 point.

The market is trading tick for tick with citigroup...rumors of the fed cutting rates to zero....and other stuff floating around. You get the feeling watching Citigroup that somebody thinks it won't be around come Monday morning. Lets hope that it is around!

File this under "just for laughs" but i bought 14000 shares of US Shipping yesterday at 6 cents. Its now at 18 cents!!!! So you see you can buy an mlp and actually have it rise in value or even triple!!! (sarcasm is lovely isn't it!)

Goldman upgrades Crosstex (XTXI) from sell to neutral. Stock is at 3 dollars! I guess this is a good time to upgrade since we've gone from 25 to 3 fairly quickly!

I kept having one thought with regard to this 17.50 tender offer that was on the table for Buckeye Holdings (BGH). What happens in this current market if the offer is pulled? Well we are about to find out. I have no position in BGH but i have bought it and sold it a few times in trades back in a time when making money was actually occuring from time to time. If i were a unit holder today i would have gladly taken the 17.50. But the offer was pulled as a result of the board rejection the raised 17.50 tender offer. Right now BGH is 10 bid 15 ask so it will open lower.

MLPS are bid higher this morning as the overall market is dead cat bouncing after yesterday. Could be another one of those jaw dropping one day short covering rallies today...or it could be an up open that will be sold into with both hands. Who knows. Its a brave new world out there.

No other headlines so far this morning and no upgrades or downgrades not that they matter much these days. Hindsight tells us the anal-ists should have put sells on mlps months ago. Crude a little higher this morning after cracking 50. My brother in law who trades the pits suggests that if 48 goes on oil...he would look for it to trade down to 30 dollars based on his chart work. Can you imagine what that says for the economy? D E P R E S S I O N ! And that probably means a 6 handle on the dow and S&P. But at least at the open we are going to dead cat bounce!

I'm still not up to speed on my computers as they have been in crisis mode for the last few days. So bear with me please if i miss a news item. I'm going to buy a mac this afternoon!

Thursday, November 20, 2008

Poll results show 13% of you stockpiling guns and food! Glory!

Cramer tonight said except for Kinder stay away from MLPS. Knocked Atlas Pipeline, Williams, and DCP Midstream as likely distribution cuts if oil stays below 70 dollars next year. Given market conditions i can't argue. If these were normal times Cramers ding would be views by some as a buy signal...but these are not normal times. Video at the link above.

Futures are up a bit right now but that really doesn't mean much. We're probably setting up for another one of those fabulous jaw dropping 1 or 2 day rallies which could come at anytime. But that would just provide another selling opportunity on a trip to a 6 handle on the dow..or maybe even a 5 handle. The market is pricing in a depression. MLPS are being priced to go out of business.
If i could only figure out which MLPS are down for the count and which ones aren't. Fortunes are made and lost in situations like this. Oh well!

No mlps are up...All are down...some are down big in points like Amerigas (APU), Alliance Resource (ARLP) Martin Midstream (MMLP) and Buckeye (BPL). Some are showing big percentage losses like Hiland (HLND) down 2 at 8. Some are sitting at prices (XTXI) that i never thought i would see (3 dollars) and it is now up a nickle as i type.

One of these days we are going to have another one of those melt up rallies where the mlp index is going to be up 20 or 30 points. The index is back over 163, down 9 and 5 points above its intraday low of 158.

Rallies are as always these days...where you can find them!

Heading up to see my newborn nephew this afternoon so i shall not be able to post. I'm also using a computer in my house that actually works! I will be off to buy a mac this evening.
We've just broken below 160. Dow down 205 @ 7789!

Buckeye Holdings (BGH) is down at 15.52 with a 17.50 bid on the table. I guess there is some fear creeping in...for some just sell.

Dow and S&P are at the 2002 lows! Second worst bear market ever.

Keep your eye on the citigroup death spiral as it is about to crack 5 dollars.
Dowdonw 110 and the mlp index is down 10 to 162. 2 to 3 point losses in Kinder Morgan (KMP) Oneok (OKS) Nustar (NS) and a few others. Glory!

Some many stocks are in a death spiral. If you watched any of the banks yesterday you certainly could see that the end was near. But some rays of hope for the overall market that have arrived this morning. Stock futures have turned higher now as the Swiss have cut interest rates by 100 basis points! So at least we have a reserve bank concerned about chocolate, cheese, and cukoo clocks. Then ala 1990 we have the Saudi Prince upping his stake in Citigroup. That marked the bottom in banks then. MLPS meanwhile have dropped to levels i think even the most bearish among us did not expect.

Now we have the open. I had a computer crash to deal with so since then markets clearly have turned south and we have taken out the October 10th lows. The dow is down 150...mlp index down another 9 at 163.

Wednesday, November 19, 2008

Some developements after the close. DCP Midstream sold some 5 year notes in a private placement. Take a look at the yield and the yield spread. 768 basis points! The had to pay over 9% to get the deal done. But they did get it done.

Also Buckeye Holdings (BGH) is saying that the tender offer of 17.50 is inadequete. Given market conditions thats a pretty gutsy call.
Just want to point out US Shipping (USSPZ) which was once a $15 dollar MLP then went wrong and now sits...are you ready for this....5 cents a share and trades on the pink sheets. Market cap of around 5 million! And you thought only internet stocks in the year 2000 went to zero.

Speaking of going to zero Citigroup doesn't have far to go with a 6.47 close. Dow down 427. MLP index down 12 points. That 150 low looms large and we could be there in the morning if tomorrow we see some sort of cataclismic dow sell off. Sunoco Logistics (SXL) was down 4.50 as the biggest mlp loser.

Buckeye Holdings (BGH) was among the smallest losers down 16 cents as they have a 17.50 offer on the table...lucky them.

And speaking of might want to say..Jehovah!

Down nearly 9 points on the mlp index. The dow is down 236. No hope out of the abyss. Everything is getting executed. Citigroup is at 7. Microsoft at a 10 year low. Nothing is working. And that 8000 level on the dow is getting thinner and thinner but as of this post its still holding.

Energy Transfer Partners (ETP) is back to 30 and about to violate its October low. Oneok (OKS) down 3. Kinder Morgan (KMP) down 2. Atlas (APL) under 10 dollars. Atlas Holdings (AHD) under 5....etc etc etc etc.

Pretty soon gun stocks might see buyers!
Maxine Waters is enough to make the auto companies just shut down and be done with it. She wants her pound of flesh.

Speaking of shutting down MLPS are in going out of business mode. Prices are so low and they just continue to fall. There isn't a bidder out there. Nustar (NS) down nearly 2. Oneok (OKS) down nearly 3. Lots of 1 to 2 point losses across the board. Might as well just take'em to zero!

Dow down 200 points. The mlp index is down nearly 8 and approaching 175.

Keep your eyes on nat gas over the next 2 weeks as the weather patterns if correct will favor much below normal temperatures in the northeast and great lakes. Nat gas is up 20 cents today along with heating oil up a penny. Crude is down and gasoline futures are at 1.10.

Hoping for another high power reversal this afternoon as we are back to that 8100 area and the S&P nears 830.

Test and test and retest and bounce and test again. Endless torture when it comes to whether we're seeing a short or maybe an intermediate term bottom. Or is this another diving board.

Since bottoms are processes designed to frustrate both sides we can see its been successful doing that along with emptying a few more wallets.

The MLP index while not close to its 150 level intraday low from October might as well be there as a vast majority of MLPS are trading at junk yield levels of 20% or higher and have taken out those lows and thensome. Kinder Morgan (KMP) Nustar (NS) Oneok (OKS) are 10 to 15 points above their intraday lows and are holding up the index value. The fact is for the vast majority of mlps we are wandering through the wilderness.

Watch Hiland Parnters (HLND) and Hiland Holdings (HPGP) as the company put out 2009 guidance yesterday and whose CEO made comments on the unit price being at levels that do not reflect the company's performance nor its outllook. It will be interesting to see if this brings any bids in. The stock has dropped from a high of 60 to an 11 handle. The gp is down from near 30 to 5. Its a sign of the times and the uncertainty which has been taken to a bitter extreme. Missed this yesterday but Enbridge (ENB) is purchasing shares of Enbridge Energy Partners (EEP) which raises its stake to 27%. Can't be a bad thing.

I'm still recovering from a major crash of my computer and i was up until 1:30 am last night reloading for the second time. Just when i had everything done my anti-virus caused XP to crash and i had to restore everything from scratch. So i may be missing some news items and for that i apologize. I should get up to speed later this morning.

Tuesday, November 18, 2008

Hiland puts out 2009 guidance. And the company says the following.

"Given these recent developments and the growing relationships Hiland has developed with exploration and production companies that have substantial unconventional resource acreage, Hiland is extremely disappointed in the decline in our unit prices and we do not believe such prices fairly represent the solid operating results we have delivered to date or reflect Hiland's long term prospects for constructing and operating the natural gas midstream facilities essential for delivering natural gas for our country's needs," Griffin continued.

So Mr Griffin is disappointed. He isn't alone.
Sorry for the lack of posts today but with that Dante's inferno reference i've been in computer hell dealing with a complete meltdown followed by some time in Microsoft hell. I had to reformat my hard drive and build everything from scratch.

Saw a post about requiring registration and getting annoyed with negative posts. It's not the negative posts. You can be as negative as you want. But its time we all know each other. If you need to hide behind anonimity...then i guess you can't speak your mind here. If you are going to talk your game..please do. We should be able to have an id to relate to.

MLPS closed down 2 points after being down nearly 8. Dow went from down 175 to plus 151 at the close. Another wild day. That 8000 level keeps holding. Now lets see followthrough tomorrow.
In some of these big reversal updays we've had lately strength usually starts in one area and then eventually builds and spreads out to others. The tape has that feel that it wants to go higher this afternoon but given how little it would take to cause a breakdown i'm being cautious. Still the dow is up 140 and @ 8420. It would go a long way technically if we could take out yesterday's high around 8600.

MLPS are languishing for now with the index down 2 points. No big losers but lots of mlps down fractions to major fractions. Very few mlps showing any gains and what few there are up are only up small fractions.

There is a general maliase on the mlp tape interest really in either direction. Lets hope for a move this afternoon. Energy futures all down. Even stupid Sudanese pirates can't resurrect this sad market. Gasoline futures at 1.17 which gives just about everyone a 1 handle on gas and low 2's on heating oil very soon.

If you absolutely have to trade in this mess we're back at a place where things will either hold or we will take another step down into hell...ala Dante's Inferno!

Fabulous isn't! Frankly i like the level where the bishops are buried head first into the rears of the bishops before them upside down...a nice fate for congressmen who have their heads not only up their asses but up other peoples asses!

Now we are back to the lows of the move and once again the fear will be there over whether we will or won't reverse in here. Certainly there will be enough news drivers today to key on from PPI to congressional grandstanding that will occur later today. Somebody is bound to say something to spark a move one way or another. If you absoloutely have to play this from the long side ladder your orders. And the volitility will allow you to spread it out over a series of points. I am using DDM which is the double dow industrials. If the dow moves up 1% the DDM's move up 2%. And if you want triples use FAS which is triple large cap. And these things can move. Yesterday's 300 point dow range equated to over a 5 point range in the FAS.
Some good news this morning for Buckeye Holdings shareholders who have a 17 dollar tender offer on the table. The stock has been hovering near or over that price in the last few weeks which indicated perhaps a higher bid. Well they got their bid boosted to 17.50! Hay 50 cents is 50 cents. Not much else to look foward to in MLP land as the markets continue to slide. Futures down 15 points on the S&P. Energy futures are falling with crude at 54 dollars this morning.
One last note. Yesterday the SEC announced insider trading charges against Mark Cuban for allegedly trading on insider information with which now trades under a different name. He made $700,000 on the info. Well excuse me but we have the financial system unraveling before us...caused by abuses a mile long...and the SEC goes out and nabs Mark Cuban! I can sure sleep better at night over this. Glory!

Monday, November 17, 2008

Going to do the CNBC portfolio challenge because if i lose a million dollars there its not real money.

Here are my initial purchases made today


Also i purchased today some of the new triple long large cap stocks (FAS). Its a small position and a bounce play...short term only!

Down 3.51 on the MLP index as of 2pm. Not much happening really. Just tugging back and forth in here. Dow down 90 points.
Dow now up 10 points and the mlp index down 1 and some change. Hiland Partners (HLND) and Hiland Holdings (HPGP) continue to spiral downard. Hiland Holdings is just over 5 dollars right now and down 1 and some change. Hiland Partners sits above 12 and down nearly 1.50. No news that i could find.

Dow now up nearly 50. Could be bounce time.
Lunch time approaches and we have a 3 point loss on the mlp index and a 160 point loss on the dow. The dow is off its lows of the day.

Hiland Partners (HLND) is circling the drain today down another dollar and change. This once 60 dollar mlp now sits with a 12 handle! At least the Atlas family (APL,AHD) and Markwest (MWE) along with the Crosstex's (XTEX,XTXI) all flat to even a little higher so at least they are hanging on along the sides of the toilet bowl. Enterprise (EPD) Kinder Morgan (KMP) and Penn Virginia Holdings (PVG) are all down 1 point or more.

A few small winners like Martin Midstream (MMP) Buckeye Holdings (BGH) and a couple of others but nothing that really stands out. Inergy Holdings (NRGP) is up 1 and some change on no news and low volume.

Just got a form 4 sec filing from Hiland Holdings (HPGP) with a 2500 share insider buy. Insider buys carry no weight in an enviornment like this.

Weekends come and go and these days those are the only 2 days we don't lose money. Sunday at mass we offer prayers for the economy! Sunday family gatherings include discussions of government conspiracy; of those magical 5 guys in a room smoking cigars who intentionally drove oil prices to 140 and then with equal intent drove them back down to 60. Suck are weekends these days. Monday mornings come with futures showing 200 point down opens.

We're trying to carve out a trading bottom in here but it seems like we are destined to sweat out another trip down into the abyss first. We have to hold in here because if we break here then the markets are telegraphing that we are headed for a severe economic recession that will last for a long time. Maybe we will cascade into that elusive final capitulation...or not...who knows.

Rick Santelli on Friday evening put up a chart of junk bond yields sitting somewhere just under 20%. And then it hit me. That is what MLPS have become. Most are now trading at "junk" status and a few are yielding at "garbage" status.

Candlestick fans can see that doji hammer from last Thursday which is a bullish formation. It has not been undone by Friday's mess as we finished with just a 1 point loss.

News this morning as Crosstex LP (XTEX) and Crosstex (XTXI) announce a sale of a non strategic asset. When you need to raise money...everything becomes "non strategic".
No other corporate developemests so far and nothing yet on the upgrade downgrade list.

Over the weekend i posted some changes. From here on if you want to post on the blog you will need to log in with some sort of id. All opinions are welcome and encouraged to be shared. But there is no reason here to hide behind a door in order to speak freely. This may result in few posters which will be disappointing but so be it!

Cold weather here in the Northeast for the whole week ahead and into next weekend. Should be supportive for nat gas and perhaps heating oil. Might be a driver for crude down the road but the cracking economy continues to be the primary driver of energy prices.

Saturday, November 15, 2008


I love comments...i encourage comments...i want and love to see diaolog with my readers. But i think its time for those who post to have to log in before posting.

I would like to thank those of you who have hit the donation button on the sidebar or bought that fantastic Mystic Monk Coffee!!! Every little bit helps and i really appreciate it very much! Its like you bought me a beer and a cigar at the bar after a good conversation!!!! And i do love a good beer and a good cigar! Thank you again.

Friday, November 14, 2008

Looks like the sellers are going to win the day here. Dow down 208 and the MLP which was up 5 points now is flat on the day.

Glad the week is over.
Dow higher by 50...mlp index back over 200 and up nearly 5!
Hiland Partners (HLND) is another one that has been circling the drain as it holds barely above 14. Crosstex (XTEX.XTXI) continue their decent into the abyss. Crosstex (XTEX) has a 5 handle. Crosstex (XTXI) has a 4 handle. And they've already cut their distirbuion!

Another week coming to a close. Supposedly Hedge fund redemptions were to be announced by the 15th (tomorrow). If everyone sold ahead of it could we see a dead cat bounce rally next week in some of these things?

Wish i knew the answer.
Dow down less than 100 now and the mlp index is approaching the 200 mark. The Paulsen bounce continues.
MLP index is now at the highs for the day and up over 2 points as the overall market continues a recovery off the lows.. Dow down less than 150 now.

Paulsen comments which imply that maybe there are no more major banks to fail is perhaps bringing about this bounce. Energy Transfer Partners (ETP) is up now nearly 3 points. Plains All American (PAA) and Energy Transfer Equity (ETE) up 1 or more.

Markwest (MWE) has come off its low of 11 and change earlier this week and has climbed up toward 15 this afternoon.
The mlp index has turned higher by half a point while the overall market has come off its lows. Back above 196 on the index.
Markets of selling off hard with the dow down 300 points right now and off the low. MLPS not down nearly as much with a 2 point loss which is reflecting catch up from yesterday (we're down less!). The Atlas complex (APL,AHD) continues to circle the drain as they are down...APL to 10...AHD to 5 and a fraction on the Citi downgrade.

The energy complex continues its unrelenting drop with crude at 56 and change. Gasonline at 1.23 2.33 gas here in NY and under 2 dollars everywhere in New Jersey. Who would have guessed it 4 months ago! It just took a complete collapse of capitalism.

Had my tooth refilled so i'm pretty numb right now. The markets have numbed me long ago!
MLPS have turned higher as the market sold off at the open and has come back from -150 to -70. The mlp index opened down nearly 2 but its now up fractionally.

Citigroup downgrades Atlas Pipeline Holdings (AHD) to sell and lowers the target to 4 dollars! Glory! Eagle Rock is up 40 cents and back over 8 dollars on last nights news that some important shareholders will be adding to positions with open market purchases. Suburban Propane (SPH) is up 25 cents on earnings.

I'm heading to the dentist to get a tooth fixed. Fabulous!

Thursday, November 13, 2008


Two powerful technical formations appeared yesterday as we indicated yesterday afternoon that the market looked and felt like it was staging a powerful reversal and by days end we finished up nearly 60 points on the S&P.

As usually in past reversals MLPS lagged but they usually play catch up the next day and i would expect to see upside today. Divergences are showing up in relative strength on both charts and it seems we could have a tradeable bottom in here and that an intermediate term rally could be at hand...and that could carry for a few months.

Of course we've been down this road before and the markets have ignored past divergences as we made lower lows. So it is in prove it to me mode but i am gaining some optimism here. But make no mistake the road ahead will continue to remain difficult.

There was some interesting news from Eagle Rock Energy Partners (CEP) which has a 7 handle. At least someone sees some value in here. Earnings this morning from Suburban Propane (SPH) where the company says they are in a position of financial strength given the present market conditions.

Please note that Yahoo for some reason has the payout dates for many mlps as Novemeber 13th which was yesterday when in reality its November 14th...which is today. So don't get nervous if you don't see the cash in your account. It arrives today.

Stock futures are off the lows this morning and crude has turned higher by a quarter. Nothing on the upgrade downgrade list so far. I'm looking for followthrough today from yesterday's gains. It may not come at the open but if we can build from here. In reality the followthrough doesn't neccessarily have to come today but it would be nice.

My apologies for yesterday as i had 3 computers in my house all crash at the same time for one reason or another so it was a very difficult day.
Dow up over 100 and as high as up 160 a few minutes ago. It looks like the retest was succcesful but i will wait for the close. MLPS reversing as well down less than 2 points on the mlp index and remember it takes time for us to play catch up. Looking for a wild last hour.
We traded down to 181 and change on the MLP index and we'ver rallied back to 188 as the overall market went to minus 317 at the low and it was up 50 a few minutes its down 50 as the tape is moving around. It has the desperate feel of a reversal trying to get underway. And if it takes hold we could see a big rally in the last hour.

Plains All Amercian (PAA) and Hiland Partners (HLND) are down over 2 points as the biggest losers. A few mlps showing fractional gains as some are starting to turn. Markwest (MWE) leads the winners list up 75 cents to just under 14.

In the time i typed this post the dow has gone from minus 50 to +15. OOPS +25.
Everything back to some semblence of normalcy with my computers. Don't ask. It was all too wierd.

Markets seeing selling with both hands as we approach and break through some key lows set back in October. Where we finish the day however will be critical. Mlps sharply lower too as everything gets thrown out the window.

Sorry about the lack of info today. i'm still trying to get everything technically correct.

Under 8000 right now.
3 computers in my house and havinng trouble with all of them. Will play catch up this afternoon.

Wednesday, November 12, 2008

You can only laugh out loud as Constellation Energy Partners (CEP) approaches a 50% yield! Atlas Pipeline (APL) is yielding over 30%.

Down over 420 before a few nibblers take it to minus 360. MLP index down nearly 11.
MLPS down 10 points on the index at 192. Dow down 312.78. Looks like the beginnings of a retest in here as we head back to 7880 on the dow...790 on the S&P. 152 on the mlp index will come if we see a repeat of big declines in Kinder Morgan (KMP) which went to 35 or so...Nustar at 30...Oneok around 40. I think those issues might hold up better but everything else is either headed for new lows or will conintue to make new lows.

Citigroup (C) is now under 10 dollars. International Paper (IP) is at 11. US Steel is at 27 and change. Should have just bought Terra Nitrogen (TNH) which is somehow still over 100!

BTW take a look at Hiland Holdings (HPGP) which is trading now at 6 and change and is down nearly 2 points on 9000 shares of volume. Shows you what happens when you have no buyers at all.

Since we are living in interesting times we need perhaps to look at possible outcomes of this retest that we seem to be experiencing today. Dow down 256 and MLPS down over 4 and under 200. Markets are barometers and a successful retest of 7880 would be a sign that we could at least begin a long basing period. But what if that breaks. What are the implications? I believe a severe recession is being priced in. A break of that level and a trip to 7000 or 6000 or 5000? Depression!

1 to 2 point losses litter the screen with Copano (CPNO) Atlas Pipeline (APL) Natural Resource (NRP) Breitburn (BBEP) Alliance Resource (ARLP) Holly Partners (HEP) Enbridge (EEP) etc etc etc all down 1 point or more. When you look at prices these shares the idea of distribution cuts seems to be taking hold. You will know when the damage is over...and thats when they stop going down on the prospect of cuts...or actually rise on the news of a cut. Unfortunately we have 3 long months to wait for this.

Markwest (MWE) is up 40 cents right now among the few gainers.

With the exception of Kinder Morgan (KMP) Oneok (OKS) Nustar (NS) Enterprise (EPD) Buckeye (BPL) Sunoco Logistics (SXL) Magellan (MMP) and maybe a few others the market place is pricing in distribution cuts. And this is as ugly an enviornment as you could possibly get. The market is taking no comfort in the quarterly reports, distibution increases, distribution guidance. So what does that tell us? Look at crude now under 60 dollars and gasoline futures under 1.30. I think the market is telling us that economic conditions are going to get even worse...and worse enough that next quarter these companies will be telling us that market conditions will be so bad that distributions will need to be taken down to preserve capital. Can you imagine any of these companies going to the well with their equity prices sitting at yield levels of 20 to 25%? Look at Markwest (MWE) as an example of what the company said with reguards to earnings and guidance and the market's verdict. 20% yield? Crosstex (XTEX) cutting its distribution i believe has been taken to mean that more are coming. Unfortunately we have 3 months of agony to get through before we know anything.

So on that somber note we have no corporate news this morning and no upgrades or downgrades. Stock futures are weaker this morning as of this post. Crude is down to 58 bucks. Blah Blah Blah.

I'm beginning to think we have a 1000 point down day coming in the market....not sure when it will happen but if it does... It might be smart to put in some silly bids in some stocks...assuming of course that anyone has any money left to play with.

See you on the soup line!

Tuesday, November 11, 2008

Its a horror show that never seems to come to the final conclusion where the hero drives a stake in the heart of Dracula. Instead its the realization that its perpetual night with no chance of daylight. The light at the end of the tunnel is in oncoming train! Poe should have been this depressing!

Between more hedge fund unwind and the smell of distribution cuts all over the place the damage is extensive with the index down over 7 and getting close to 200. No sign of any kind of bottom as prices drop to in some cases after life prices! Markwest (MWE) under 12. Atlas Pipeline (APL) under 14. Willams (WPZ) with a 17 handle. And so on and so on and so on.

And just exactly how many hedgefunds bought all this mlp shit anyway?


its Veterans Day so it should be a slow day on the tape with subdued volume. If i had to guess who stayed home today it would be the buyers rather than the sellers but one never knows.

This is an early post as i have some personal stuff to take care of this morning. Nothing serious, but i will try and blog while i'm on the road. (i'll pull over...not while driving!).

At this early hour stock futures are down but not by anything catastrophic. Energy is lower as Crude oil desperately tries to hold 60 dollars and Brent is down to 57 and some change. Nat gas is off only 4 cents after yesterday's rally which really did nothing to support energy stocks or mlps. Looking for a bounce in Markwest (MWE) on its earnings last night and on indications that the distribution increases may continue in 2009 albeit at a modest pace. Also looking to see if the death by 1000 cuts continues in issues like the Atlas's (APL,AHD) Constellation (CEP) Hiland (HLND) and others. Problems continue for Quest Resources Jerry Cash..he's the guy who is accused of misusing 10 million worth of cash from the company. That stock is sitting around 4.

Monday, November 10, 2008

No shares of Markwest (MWE) have traded in after hours so far but the stock is bid 14.15... about 75 cents above the close.
Markwest(MWE) puts up earnings. Getting to the nitty gritty in this...the company is cutting its DCF guidance however even with the cut it expects to be able to produce "modest" distribution growth in 2009. The stock has been sold down to a 20% yield. If Semple is right on the outlook this should be the bottom. But these days do we know if he will be right?
Hiland Partners (HLND) is now the days biggest loser down 3 and change. Martin Midstream(MMLP) is down 2 and Copano(CPNO) is down nearly 2 as it gets very ugly in here. Dow is down 150. MLP index down 3.
Down 125 on the down and 2 and change on the mlp index as we head into the last hour. The abyss awaits. ANYTHING that is percieved at risk for a distribution cut is being tossed out the window.
Off the lows now with the MLP index down a little over 1 point. Even Atlas Pipeline Partners (APL) has come off its low now back over 15.30. Glory!

If you want to buy in a distressed market with your may get your chance soon enough as money arrives in accounts shortly...assuming of course you don't need the cash to survive.
MLPS down on the index by 1.50 and the dow is down 40 at this juncture. I think by days end at the rate this tape is going we will be down 2 or 3 hundred on the dow imho. No question that mlps are pricing in distribution cuts in many issues. Constellation Partners (CEP) is down to 6 dollars and small change. Atlas Pipeline (APL) is hovering at 15. Many more mlps are either at or approaching 52 week lows. Only the bigger cap mlps like Kinder Morgan (KMP) Nustar (NS) and Oneok (OKS) among the very few who have held their October 10th climax low bounces.

The patient is flatlining.
The Atlas family (APL,AHD) continues to circle the drain this morning after flat to higher opens. Atlas Energy Resources (ATN) is down but not as bad as the other 2. Atlas Pipeline is down another dollar to just above 15. Atlas Holdings (AHD) down 1 and some change and sits at 9. Constellation (CEP), Crosstex LP (XTXI) Breitburn (BBEP) Hiland Holdings (HPGP) all now reside in the land of single digit handles....and more are getting close.

The mlp index has gone from +5 to flat as markets open at their highs and sell off. The dow is barely higher now. Oil was up nearly 5 up 50 cents.

A few winners like Sunoco Logistics (SXL) Exterran Partners (EXLP) and Nustar (NS) up 1 point or more. Fractional gains in Oneok (OKS) Kinder Morgan (KMP) Holly Partners (HEP) Martin Midstream (MMLP) and Enterprise Products Partners (EPD).

The broader market is reacting to the China stimulus plan of 500+billion dollars and that has gotten commodities off their backs this morning. Nice gains in the pre-market in anything materials related and of course the entire energy complex is getting a lift as well. Crude is up 3 dollars and nat gas is up nearly 40 cents. Stock futures pointing to at least a 200 point up open. Whether it carries through until the end of the day remains to be seen.

The MLP index seems to have put a floor around 200 or so and the top of the range is 225. We are right in the middle of that range as we start the day at 211.94 and while the chart remains in sorrow and pity...we should at least take a run to the top of the range today.

We are entering the period where the earnings news and distribution announcements are pretty much done. So now we wait for the checks to come in the mail. No corporate developements and no upgrades or downgrades. I think the action lately in many mlps has been surrounding distribution cuts in future quarters and the market is taking what it views as the more vunerable among those companies down in the abyss. Astronomical yields are signs of trouble but if those companies are being tarred and feathered with the same brush, then there are buys out there. The hard part is figuring out which ones.

Headlines as they break this morning.

Sunday, November 09, 2008

Many Many thanks to those of you buying Mystic Monk Coffee via the link on the side bar. Its great coffee and they make wonderful holiday gifts to bring to Thanksgiving Dinner or Christmas or Hannakah or to work off that hangover from New Years! And the commission helps to pay the rent again MANY MANY THANKS!

S&P futures soaring tonight as the Chinese are stepping up to the plate with a large stimulus program. Should help materials and commodities based stocks in the morning. And maybe MLPS will go along for the ride! We can only hope and pray.

Friday, November 07, 2008

Atlas Pipeline Partners (APL) is down nearly 3 dollars as we move through the last hour. Also seeing big percentages losses are DCP Midstream (DPM) Constellation Partners (CEP) and Calumet (CLMT). It has the feel of an unwind in some cases....or perhaps the idea that distribution cuts may be coming down the road if business conditions do not improve.
Atlas Pipeline Partners (APL) and Atlas Holdings (AHD) are unraveling here with APL down 2 and change and AHD down 1 and change.

There was a request for a point and figure chart on the MLP index which you see here. It has turned bullish and has an upside target of 330 (excuse the laughter). I'm not sure how these charts work but there is some detail here.

Up about 4 points on the mlp index with the down up 170. Magellan (MMP) and Energy Transfer Partners (ETP) showing 1 point plus gains.

Atlas Pipeline Partners (APL) just continues to sink and is down nearly 2 points today. No news on 550,000 shares changing hands. Atlas Holdings (AHD) is holding up however as it is flat right now. Crosstex LP (XTEX) is up 20 cents on earnings which are what they are.

Constellation Energy Partners (CEP) put up its earnings and said that future distributions would depend on the coverage ratio which right now sits at under 1 x. Stock is down 25 cents.

The president elect speaks later today and market watchers will be listening for clues.

The employment numbers (or lack there of) were worst then forecast by consensus; as if the market didn't price this in the last 2 days. Futures behaving in a way that suggests a rally in here as they seem to want to resist going down further. I guess 1000 points in 2 days is enough.

MLPS just move with everything else and 200 on the index has held again so we should bounce if the market bounces. Some earnings numbers this morning. Hiland Partners and Hiland Holdings (HLND,HPGP) put up earnings which have a lot of one time gains in them. The company did say they have plenty of cash to take them through all of 2009 and won't have to touch their credit lines. That should be viewed positively in this enviornment. Both stocks have been cut by more than 60%. Crosstex (XTEX,XTXI) puts numbers up which we knew would not be pretty since the companies cut their payouts 2 weeks ago. Both stocks have a signal digit handle. DCP Midstream also announces earnings this morning as this stock has gone from 45 to 12.

Nothing on the upgrade downgrade list.

Thursday, November 06, 2008

Approaching another 500 point loss on the dow and a 12 point loss on the MLP index. UGH!

Global (GLP) is down 3 points to 10 on earnings that clearly did not make people happy. Also down 3, Penn Virginia Holdings (PVG). 2 point losses in Alliance Resource (ARLP) Energy Transfer (ETP) Buckeye (BPL) Copano (CPNO), Plains All American (PAA) and Enbridge (EEP).

Holly Partners (HEP) is up a fraction and so is Amerigas (APU). No reason why.
Wachovia downgrades Eagle Rock Energy Partners (EROC) to market perform from outperform.

Earnings are out from Linn Energy (LINE) and Global Partners (GLP). Linn has a coverage ratio of 1.14 and overall numbers look pretty good.

Also add Williams Partners (WPZ) and Genesis (GEL) to the list of companies reporting this morning.

Just an ugly day otherwise with the mlp index down 12 points and the dow down 450.

Not exactly a ringing endorsement of the President-elect but then again the rally into it was a bit odd. So we're back to 9100. MLPS were down yesterday by a little over 4 points so relative outperformance continues as the charts indicate.

Frankly i thought futures would have been much lower this morning. When I went to bed last night S&P futures were down 35 points but this morning only down 12 or so. Bank of England and the ECB will announce rate moves this morning so we may be seeing short covering ahead of that. BULLETING...B OF E CUTS INTEREST RATES BY 1.50 BASIS POINTS! WOW. Market poised to open flat now as futures rebound.

Earnings last night from Legacy Partners (LGCY) Plains All American (PAA) Copano (CPNO) and this morning we have numbers from Exterran Partners (EXLP). There might be a few more companies reporting today and when they hit i will post.

Nothing on the upgrade/downgrade list yet. Energy prices are lower this morning as they follow the equity markets. The dollar is higher this morning. Headlines as they break.

Wednesday, November 05, 2008

Oneok LP (OKS) puts up very good earnings and raises guidance again. The stock is bid up over 56 in after hours. We also have earnings from Penn Virginia Resource (PVR) and Penn Virginia Holdings (PVG).
They liked what they heard from Atlas Pipeline Partners (APL) because the stock is up 2.25 on a down day. Atlas Holdings (AHD) is up 65 cents so far.
Atlas Pipeline (APL) earnings press release points to mixed results and the company is exploring a combination with Atlas Pipeline Holdings (AHD) among other options. It makes sense when you look at the prices of some of these GP's which are now trading well below their ipo prices. Buckeye Holdings (BGH) has a bid on the table at 17 dollars.

Off the morning lows of minus 3 on the MLP index as we follow the broader tape. Atlas Pipeline (APL) is at the very top of the winners list up 1.60. Also higher are Inergy Holdings (NRGP) up 1 and change. Fractiona winners include Nustar (NS) Copano (CPNO) Energy Transfer (ETP) and Global Partners (GLP).

Magellan (MMP) is down 1 and change as the biggest loser. Also down nearly 1 are Calumet (CLMT) Linn Energy (LINE) and EV Partners (EVEP) although note that the change in the nasdaq mlps may include the ex-distribution amount.

Market holding its own today after yesterday's gain. Volitility continues to come in which makes it easier to trade.

We have earnings this morning which will be driving a few individual issues. Atlas Pipeline Partners (APL) is up in the pre market on its numbers. No press release yet but i'll put the link up when it comes. Conference call this morning at 9am. It will be interesting to see if they address the concerns by the Citi anal-ist that downgraded the stock to a sell last week. The stock is now above where it was when the downgrade came out. Also out this morning are earnings for Calumet Specialty Products (CLMT) which suffered greatly from the price spike in oil. The company seems to have done the right things but the market may say otherwise as there is stock for sale below yesterday's close. We're waiting for press releases from Quicksilver Gas LP (KGS) and Eagle Rock (EROC) which should hit sometime this morning.

Nothing on the upgrade downgrade list this morning. Crude is 2 dollars lower after a 7 dollar gain yesterday. Stock futures are softer but off the lows of the morning after a 300+ gain yesterday and a push over 1000 on the S&P. I think this rally still has some legs in it so the pullback might be a buying opportunity for short term traders. MLPS continue to swing with the market moves so we will of course watch their gyrations. More ex-distributions hit the tape this morning as this cycle comes to a close. The cash arrives in about 10 days.

So let us now put the election behind us and get back to some semblence of normalcy...whatever that is.

Tuesday, November 04, 2008

Let the celebrations begin....and remember...big balls are a sign of quality! Thanks to Althouse for this lovely link!

ELECTORAL COUNT....OBAMA 297....McCain 145


Nebraska is not a winner take all state so McCain gets 3 of the states 5 electoral votes.

S&P futures have turned positive again on the increasing probability that democrats will fall short of 60 seats.



Its pretty much over for McCain. He would have to flip a couple of blue states and that is not going to happen.

Electoral....OBAMA 183....McCain 81

McCain won white Catholics in Pennsylvania and not much else according to exit polls. 9PM will bring a deluge of calls. Any guesses on New York? Also democrats were much more likely to fill out the exit poll which takes about 10 minutes. Republicans apparently can't be bothered. So exit polls need to be used with a block of salt.

The Senate at least is still in play as far as the 60 seat majority for the democrats but they need to win the remaining 6 toss up seats.

One has to ask oneself if we are going from being a center right country to a center left country? Given the actions of the government these past few weeks its hard to argue against it.
Saxby Chambliss wins in Georgia which means Democrats have to run the table now to win the remaining 6 toss up seats.

Electoral votes....Obama 103...McCain 60

Pennsylvania to Obama is a big blow to McCain. They really needed to win this state to have any chance. S&P futures are beginning to sell off here on the increasing prospects of an Obama win.

Electoral votes...Obama 103...McCain 45.

Jean Shaheen beats John Sununu in the New Hampshire so the Democrats have now picked up 3 seats. Democrats now have 54 Senate seats. Arkansas closes next at 8:30pm.
Electoral count right now...Obama 94...McCain 39...need to win 270

No surprise there.
McConnell wins in Kentucky and that Elizabeth Dole loses in North Carolina. Democrats have now picked up 2 seats in the Senate but the McConnell seat might keep them under 60.
8pm Results

District Of Columbia....OBAMA
New Jersey....OBAMA

Like Father Like Daughter!


The polls have closed in a few states and we have the following so far.


So far Democrats have picked up 1 senate seat in Virginia as Mark Warner wins but this was an expected turnover seat. To close to call in the Dole race in North Carolina
As you know i don't often venture into politics on this blog unless its relevant but i had to post this Andrew Sullivan post about Sarah Palin demanding proof that Palin's 5th child is actually hers. He wants amniotic fluid samples,amnio resutls etc etc etc

Nothing will satisfy Mr Sullivan unless he gets to personally scrape her uterus. Hey mostl likely won the election...why not just leave it alone and crawl back into your hole.

No wonder people hate journalists.
Dow up 265 and MLPS are up with the index up 3.60 as of this post. Commodities are soaring as the dollar is getting hammered. The mega moves in other markets just keep pulling us all over the place. The S&P has been over 1000 again and is stradling that area right now.

Lots of 1 dollar plus winners including Inergy Holdings (NRGP) Atlas Pipeline Partners (APL) which is now back above levels before the Citigroup downgrade. Natural Resource (NRP) Plains All American (PAA) and Williams (WPZ) all one dollar winners.

No big losers today...a few mlps down mainly less than 50 cents including Boardwalk (BWP) Genesis (GEL) Brietburn (BBEP) and Hiland Holdings (HPGP).

Terra Nitrogen (TNH) is an LP and it got a Cramer goose last night which took it from 87 to 97 in after hours. And today's rally has it at 108! Glory!
RBC downgrades Enbridge Energy Partners (EEP) to underperform from sector perform.
We have some anal-ist moves this morning as Deutche Bank is downgrading Buckeye Partners (BPL) from buy to a hold and Wachovia is downgrading Breitburn (BBEP) to market perform from outperform.

Holly Partners (HEP) which sold off 3 points yesterday puts up earnings which as i read them look pretty good and they say they have no debt and haven't touched their credit line. These days that has to be a good thing.

Stock futures soaring as we open up 250 points based on futures.

Now this is an early morning post so i'll be back before the open to update this but as of this posting the futures are sharply higher by some 20 points on the S&P and 180 dow points. I'm not sure if the markets are reacting to anything other than technicals...or maybe they are trying to tell us something. I have not revealed my choice for president other than to say that i will be voting with both on the lever and one to hold my nose. That said for those of you who want to follow the election Real Clear Politics is a place to start. I will be live blogging the returns tonight.

I will be back with the morning news items before the open.

Monday, November 03, 2008

As boring a day as we've seen in a long long time. The dow has been in a range of about 100 points instead of 1000. MLPS following along as the index has turned lower now by about 1 point.

Crosstex LP (XTEX) hovers around 10 down nearly 3. Crosstex (XTXI) hovers around 9 down 1 and some change. Cutting the distribution is the cardinal sin in this group. K-Sea Transportation LP (KSP) is up 2 and now leads the list of winners.

Markwest (MWE) getting the distribution cut jitters today as it is down 1.45. Thanks to Bruce for this link on more info on what Barclay Lehman sees as relative risk on some MLPS in 2009. Not all mlps are reacting to this and even the ones mentioned positively aren't moving higher necessarily. But it is something to trade on and some people are.
The mlp index is up fractionally as the markets tug back and forth from the flat line this morning.

The damage in Crosstex LP (XTEX) continues as its down another 2.70 and nears 10 dollars a share. And Crosstex (XTXI) is down another dollar at just above 9. Markwest (MWE) is down 1.49. No news there. Atlas Energy Resources (ATN) is down fractionally after being up big on Friday. They reported record earnings this morning. Magellan Midstream (MMP) is up 34 cents on its earnings this morning.

Some MLPS have recovered nicely from the abyss of a few weeks ago. Martin Midstream(MMLP) is back to near 26 and up 1 on the day. Buckeye Partners (BPL) is up 1 and over 41 dollars.

Exterran Partners (EXLP)...and i have called it excrement partners because its just too easy is up 1 and some change and back over 16! Other winners include Transmontaigne up over 1. Atlas Pipeline Holdings (AHD) up 70 cents. And we have a host of issues showing fractional gains.

If you went to sleep on October first and woke up on November 1st you would be looking at the mlp index down just about 4 points. Amazing what occured in between. Now we have put October behind us. Silly season in the land of politics ends tomorrow with the election. And maybe now we can look foward to...a deep recession?

This morning we're seeing Boardwalk Partners (BWP) getting a boost from Cramer as he goosed the stock last Friday on Mad Money. Stock is up in the pre-market. Also we have earnings this morning from Magellan Midstream (MMP)which look very good and the company continues to forecast a record year. Teekay Offshore (TOO) boosts the distribution by 12.5 percent.

Crude is down this morning along with nat gas and by products. Libor rates continue to drop as the credit freeze continues to ease slowly but steadily. Stock futures were higher earlier but now are a little lower going into the open.