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Wednesday, February 29, 2012


It is the last remaining dead man walking mlp out there as Constellation Energy Partners (CEP) never got back off the floor after the 2008 debacle where the stock went from 40 to 1. Since then it has been in penny stock land thanks to no distribution and no chance of one coming back anytime soon. However that should change this morning with earnings where the company seems to have righted itself by reducing debt and posting earnings. Most importantly is that the company indicates that it plans to consider resuming the distribution which in the end is the bottom line for the markets. We have only one trade in the pre market with the stock up 94 cents on 200 shares.

Meanwhile still no signs of a top in mlp land however i want to look at a few movers from yesterday. Oneok LP (OKS) did a public offering and a private placement of shares yesterday which took the stock down a couple of points and its down again this morning in the pre market. Also Kinder Morgan (KMP) seems to be having a little trouble getting above the 90 level lately. The index itself was down nearly 3 points yesterday. Nothing troublesome here yet but a focused eye here might not be a bad idea as this market rally overall seems to be getting a little long in the tooth and some day (gasp) we might actually have a couple of down days in a row. Since it is mlps that have been pretty much among the leadership in the last 3 plus years, it might be logical to assume that this group may be among the first to start any type of serious selloff.

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