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Tuesday, March 08, 2011


Im not sure if there are any mlps left out there (im sure there are but not many) that haven't done a public offering but this morning Plains All American (PAA) is doing one and the stock is down 1.80 in pre market trading.
The stock has been in a rather tight range in the last 6 months bounded by 58 and 65 so the offering will take us off the recent high. Companies with high stock currencies continue to take advantage by bringing shares to the table. Elsewhere on the news front this morning Ferrellgas (FGP) is buying Ram Propane which is an independent company in Wyoming. Terms were not disclosed.

Markets this morning are firm ahead of the open as crude is off a little. Nat gas made a nice run yesterday and is a little higher ahead of the open. If crude is headed to $150 to $200 bucks, even nat gas has to look attractive as a play to somebody...or for that matter anybody. Rates are a tick or 2 higher as the bond market looks like its ready to take another leg higher in rates. No upgrades or downgrades this morning in MLPS so far.

Yesterday Atlas Pipeline Partners (APL) and Atlas LP (AHD) both closed up a dollar as the days best performers in the group. Those 2 continue to be the best performers in the group as APL has broken above 30 for the first time since the market meltdown. I mention Atlas because it was the first MLP i bought back in 2004 at a price of about 28 or so. Amazing that even with all its troubles, if i had put all my money in that mlp i would still be way ahead of the game when you add in distributions.

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