The actual change on the mlp index today is down 1.11 right now which considering the plunge in oil and big energy...not bad. And we are going to finish with an up week although off the highs.

MLPS trying to firm here going into the close. We'll see if they can.

With all the Lehman talk....maybe if they get taken over....we could get an all clear signal on MLPS?

Maybe that is the catylist we've been waiting for.

Yesterday's correct MLP index close is 268.37 or thereabouts...a 264 quote appeared @ 5:30pm last night which accounts for showing a 4 point gain (if only). Instead we opened up 1 point and pulled back a touch from there. Still a good showing with crude falling. Looks like the overall market tape will be the tail wind today.

FRIDAY!

These past many months getting to Friday has been a relief because on the weekends we can't lose money. Well for a change this week we have enjoyed some upside. So everyone's portfolios should be a little bit fatter this week. A few points. Many posts in the comments section which i love and enjoy. And there is always room for more. Secondly lots of posts from Williams (WPZ) holders. In case you guys missed it i posted last night that a nearly 2 million share block of Williams shares was crossed yesterday at 25.75. So maybe that is the last of whoever was selling shares these past many days. Also there has been some weakness from time to time during the day along with skepticism. I view that as bullish. If we were running straight up it would just be more of the same tape action. The action this week in terms of the tone of trading has changed. Now if the overall market can behave itself then maybe we are really building a base here to launch something more substantial in the fall.

Crude is off a little this morning after yesterday's rally. Stock futures were lower but have suddenly taken off led by financials. Nat gas is a little lower and the dollar higher.

Maybe the reason for the Williams selloff into the close is the crossing of a 1.9 million share block at 25.75. Tape time was posted at 4:30 eastern but who knows when that trade was done and where it was done. Suffice to say that if there was overhanging supply...it may have been taken care of.

Just cracked through 269. Next level to watch for is 272. Up 2.15 and at the highs of the day.

Glory!

Gathering a bit of mommentum here as the list of 1 point gainers grows longer. Buckeye (BPL) is up 1.24. Holly Partners (HEP) is up 1.70. Williams (WPZ) is up 1.02. Glory! Targa Resources (NGLS) is up nearly 1 point. And the list of fractional gainers contines to increase as well.

Back over 268 on the mlp index and we are up close to 1.50.

In my work the mlp index hit some intraday resistence at the 34 day moving average as shown above. Nothing tragic here but an intraday pullback has occured. Still we are up about 1 point. Not many losers today which is good so the strength is playing even in some but not all of the second tier players.

We are up 2 points on the MLP index as we charged out of the gate and the strength is fairly broad on the list. Thats not to say there aren't some losers but they are down mostly by small fractions or in the case of Inergy Holdings (NRGP) which is down 90 cents on very light volume. Its one uptick away from being up on the day.

Natural Resource Partners(NRP) leads the winners list up 1 and some change. Coal mlps are fractionally higher. Targa (NGLS) is up 44 cents on the Citigroup upgrade. Buckeye (BPL) Atlas Pipeline (APL) Teppco (TPP) and Energy Transfer Partners (ETP) among the fractional gainers.

NOW THAT'S A NICE CHART

...A NICE CHART!



One clear outperformer through all of this has been Markwest Energy (MWE)

Its been no worse than sideways with the occasional spike dow, and those spikes down have been good entry points. If we are on the road to recovery Markwest should be among the first to breakout. That would mean a close above 38.

The mlp index did well yesterday with a nice 2 point gain and our little base is holding nicely. Respect the "doji hammer" is the battle cry and we have seen a very short term trend change since the hammer appeared nearly 2 weeks ago. We are about to challenge the 34 day moving average which is in decline of course and that sits just above where we are right now. The top of the base remains 275 so we have some challenges ahead.
Copano (CPNO) has been a sideways performer in this mess with a bit of a downward bias. We may be in a bottoming area in here for this one as well.
Energy stocks continue to have a tailwind this morning with the trendline rally in crude continuing this morning; up 1.50 as of this post. Nat gas is higher by a few pennies as well.

Many of you have been wondering why all the selling in Targa Resources(NGLS) lately coupled with heavy insider buying. We haven't resolved the mystery of who the seller is but Citigroup is upgrading the stock to a buy from a hold this morning and setting a 27 dollar target.

Nothing else happening this morning so lets see if we can make it 3 up days in a row.

MLP index up over 2 points...maybe a last hour accelleration is setting up???

Take Margo's advice.

Talk about sideways...Plains has been going sideways for months now! 48 @ the top..43ish @ the bottom.

266 went easily and we are at 266.49 now at the highs for the day and approaching a 2 point gain as energy stocks are rallying with crude. Crude was up 2..then down nearly 3...now up 2 near the close. Overall markets are mixed as Fannie and Freddie seem to be walking down the aisle together headed for the creamtion! At least as far as the equity holders are concerned.

Atlas Resource (ATN) Alliance Resource (ARLP) and Plains All American (PAA) showing 1 point plus gains.

Penn Virginia Holdings (PVG) is down nearly 2 points...no news there.

Gaining some strength here as the MLP index is at the highs of the day up 1.20 @ 265.94. Losers shaving some ticks off their losses...a few more winners appearing on the list.

Since that dogi hammer formation late last week the tape has a decidedly better feel to it. Its a beginning anyway.

Even though it is like watching paint dry...or watching water boil...or ice melt....all three eventually get there. We have been literally going up 1 tick at a time as the mlp index closes in on a 1 point gain. Is 266 possible?

Interesting action again today as we opened up with oil and ran up over 1 point...ran down with oil to a few ticks on the minus side...now we have left that behind it seems as oil remains down by 2 bucks...big energy is off its high...and we seem to be rallying back up 0.75 on the MLP index. Now granted its not much but its the action of selling off and again not going down further that makes this encouraging.

Markwest (MWE) Sunoco Logisitcs (SXL) and E V Partners (EVEP) lead the way higher up 75 cents or better on all three though off their highs. Targa (NGLS) Suburban Propane (SPH) and Penn Virginia Holdings (PVG) showing losses of 75 cents or worse. So 75 cents is the theme at lunchtime.

Would be nice if we could build on this during the afternoon but as always caution is advised in these sad times we endure!

DOUBLE BOTTOMS?

Before i get to some individual charts i just want to touch on the MLP index which continues to show some nice basing action in here. Now remember we could go back down to below 260 and still be okay...though we rather not take that adventure again....and 275 would be the upside top to get through...and that could takes us awhile should we get there. Base building is a long frustrating process which pisses everyone off until the breakout comes.
Meanwhile i was poking around a few mlp charts yesterday and noticed some nice double bottoms are forming in some of these like Holly Partners (HEP) which has been decimated as much as everyone else and has done nothing wrong along the way. Eagle Rock Energy Partners (EROC) is another one in here that looks like a double bottom is forming. Buckeye Partners (BPL) above tends to follow the mlp index and there is a "w" formation there which you can find on the chartsin other places. That has led to trading rallies before.

Linn Energy (LINE) has come off its double bottom from the spring and peeked under 20 briefly in this last downturn but is now back above 20 and looks like it wants to rally.
Also on balanced volume on Linn which is a running total of up volume minus down volume is no where near its spring lows. Ultimately here we are searching for "the" bottom and not another trading rally bottom. And of course any rally will have to prove itself ultimately and the first test will be the moving average resistence which is sitting above current levels.

Newswise its quiet this morning. We have tailwinds with stock futures and energy futures higher. Inventory numbers at 10:30am will drive crude. No upgrades or downgrades.

We closed up 1 and a few pennies and near the highs of the day which is nice. Not bad in a horrible market. Also i've been noticing that a number of mlps seem to be putting in complex double bottoms. Now a bottom is a bottom until it either breaks down or breaks out. I will post a few of them tomorrow.

Its a battle between a lower stock market and higher energy and like yesterday MLPS were up but they are getting pulled back to the flat line with the dow down 145 as of this posting and nearing the lows of the day.

Targa Resources (NGLS) as many of you have pointed out was hit hard this morning by somebody but the loss is cut to 30 cents right now. EV Partners (EVEP) and Penn Virginia Holdings (PVG) are down major fractions as the 2 biggest losers.

Buckeye Holdings (BGH) is actually up a few pennies inspite of the Merrill downgrade. Holly (HEP) Alliance (ARLP) and Natural Resource (ARLP) showing 1 point-ish gains. Eagle Rock (EROC) up 30 cents right now on getting its credit line expanded.

Well its better than being clobbered.

This news item on Eagle Rock Energy Partners (EROC) crossed last night and while the story in and of itself may not look important...it might be viewed as important considering the tightness of the credit markets. Stock is bid up in the pre market.

Crude oil continues to straddle just above its 200 day moving average so i expect a trendline rally of some sort to develope there...maybe enough to give energy stocks a tail wind after the open...imho of course.

LOWER START BUT....

I like down opens much better than up opens in a downtrend like this because it sets up for a reversal that could hold for awhile. Sometimes its wishful thinking. But MLPS seemed to be settling down in here in the low 260's so we appear to be basing. Of course if the entire stock market falls out of bed then look for a trip down to the bottom of the range.

Another sign that we could be bottoming out in here in mlps...anal-ists are falling all over themselves to downgrade these stocks or lower their targets now that they've missed the fall. Merrill Lynch downgrades Buckeye Holdings (BGH) to neutral from buy now that its gone from 30 to 18. And Citigroup keeps DCP Midstream (DPM) at a hold but lowers its price target. RBC is upgrading Cheniere Energy (LNG) to neutral from underperform.

Not much else happening this morning. PPI was awful but like CPI it could be baked in already. We'll see.

4 insiders went share shopping on Targa Natural Resources (NGLS). Those insiders continue to pile up shares. Also an insider buy at Markwest (MWE). I know some of you aren't impressed but the number and frequency in MLP land continues increase.

Considering the dow is now down 215, ..big oil and gas down over 1%...mlps as measured by the index is doing quite well up .25%. Okay so it isn't exactly gang busters but its a lot better than some of the action of these past many weeks.

In the interests of disclosure i own Inergy Holdings (NRGP) and i did mention this last week...but the GP of Inergy LP (NRGY) has been trading unusually heavy the last several days. This stock tends to trade by appointment only but we have 10000 share volume again today as shares get moved around between 31 and 32. No news. Could be meaningless noise. Nothing unusual in Inergy LP (NRGY).

Very boring afternoon trading here. You could hear a pin drop.

We have the dow down 180 and oil down fractionally but MLPS as measured by the index holding on to a fractional gain. Granted alot depends on what you own. Enterprise Products Partners (EPD) is up 40 cents and that gives the index a boost. Other fractional winners include Atlas Pipeline (APL) Magellan (MMP) EV Partners (EVEP) Buckeye (BPL) and Oneok (OKS) among others...nothing to write home about.

Exterran (EXLP) and Hiland (HLND) lead the losers down 1.50 apiece although the volume is very low and a few buy on either one takes them up to the flat line in a hurry. Holly Partners (HEP) is down 1.

While i post the MLP index is suddenly up over 1 point. Kinder Morgan (KMP) just went fractionally higher and that could be the reason.

RALLY TIME!

The chart continues in basing mode and any rally would be in context of that base which is roughly 260 ish at the bottom...275 ish at the top. So i think the path right now of least resistence is toward the top of that base.

Also i think we are at a point now where a trendline rally for crude oil is in order. Nat gas this morning is down another 20 cents as it continues in absolute freefall from 13 dollars. Amazing that its almost straight down 40% for this commodity.

In corporate developements this morning we have 2 mlps and a priviate group forming a pipeline joint venture. Other than that we have nothing else happening as we are through the bulk of earnings and distribution checks for the most part have been posted and cashed. No upgrades or downgrades on the list so far.

Tropical Storm Fay is a non issue as it will head up western Fla at worst so no gulf rig threat there imho. Crude was higher but has turned lower as i post joining nat gas which is down 20 cents.

A change of subject and a rare weekend post. I'm of the opinion that this year's crop of 3 year olds colts are pretty substandard but this year's crop of 3 year old fillies is exceptional. Music Note who blew'em away in the Coaching Club American Oaks a few weeks ago goes up against Kentucky Oaks and Delaware Oaks winner Proud Spell. Ought to be a good race at Saratoga in the Grade 1 Alabama..and indeed it was!

Insider buys of Linn Energy of 5000 shares and 3000 shares.

We dropped to 263.28 as big energy pulls everything down thanks to another 3 dollar loss in Crude. But the index is now hovering near 264. Not too bad considering.

Its where we finish today thats most important.

Crude on the USO got to the 200 day moving average. Logical place for a short covering rally to get underway.

THE BOTTOMING PROCESS

Judging from the posts in the comments section the sentiment here is pretty awful. Make no mistake we have a years worth of damage to repair and its going to take a long time to undo it. But as Billie Burke says...its always best to start at the beginning...and

Its a Friday in August so i would expect slow trading today but stock futures are stronger. Crude and the rest of energy is lower. The dollar continues its massive rally. Gold is imploding. The question again today will be if mlps diverge from bigger energy stocks that will start off lower. No upgrades or downgrades.

We will find out after the close what Warren Buffett has been doing with his stock positions. Oh well...lets bring out our dead!

Down just 0.18 on the index. And we are seeing some gains in the mlps less traveled like Exterran Partners (EXLP) which is up fractionally. Eagle Rock Energy Partners (EROC) is back over 15 bucks. Even DCP Midstream (DPM) is up.

Some volume in Inergy Holdings (NRGP) which usually trades by appointment only. 6500 shares traded with the stock down 36 cents. No news there but somebody is moving some stock around and perhaps accumulating. I'm long this one so i'm hoping for a pop up.

Crude off the lows down 1.50. Nat gas is looking hopeless in here. Dollar rally continues. Dow up 120.

An interesting thing seems to be going on as crude is selling off 2.60 and taking oil stocks with it. MLPS were up over 1 point but have pulled back to off a few ticks. However it appears to me that MLPS are beginning to diverge from bigger energy stocks as they sell off. Lots of mlps are up fractionally at lunch time. Coal mlps are lower fractions to 1 point.

Watch the afternoon trading...If mlps move back higher it will confirm the idea that we could be in a base building phase.

BASE BUILDING!

Or maybe freebasing...i don't know. The chart looks that way or maybe its the medication. Still basing is a process and a long and frustrating one at that getting bulls and bears pissed off. Sometimes it looks like a breakout and it doesn't...or it looks like a breakdown...and it doesn't. Still the chart has taken on a bit of different look here as it evolves. I think you draw a line around 260 and another line at 275 and thats the channel we are in and likely to stay in for a bit.

I've put charts of the Nasdaq Composite up this morning. Interesting that those charts look like they have put in complex "W" shaped bottoms and in fact the nasdaq is close to breaking out of the top of that formation.

These 2 charts could be signalling that the broader market has bottomed and MLPS might be able to get pulled along a small stock rally if it begins to gather steam. Something to watch.



Yesterday was a nice day in MLP land with a 2+ point gain and we start the morning near 265 and it looks like an up open right now with stock futures stronger and energy markets flat to a little higher. No corporate developements and no upgrades or downgrades on the list at least so far.

Check back to last nights posts as there were more insider open market purchases in a few issues. Lots of insiders have been stepping up to the plate in the last 2 weeks....more so than at any other time in the last few years. With yield spreads at 700 basis points and @ an all time high...are insiders signalling that enough is enough? We always try to put the face of hope in the forefront.

Its all about jobless claims and CPI so lets see if they behave themselves...and if they do we could see some more plus signs in MLP land.

Another insider buy tonight...this time from Oneok LP (OKS). Insider action has been very hot and heavy these last 2 weeks.

Natural Resource Partners (NRP) shows up with an insider buy.

More DCP Midstream (DPM) insider action here ...832 shares worth.

We followed broad energy today with a nice gain on the index of 2.62 @ 264.80 and very close to the highs of the day. So it looks like last week was at least a short term bottom of sorts and we continue to move up from that 260-62 level that had been "magical support" for awhile.
Energy Transfer Partners (ETP) was the days big winner up over 1 point.

More insider buys today at Williams Partners (WPZ), DCP Midstream (DPM) with two insiders buying there...1000 shares and 2000 shares; and Martin Midstream Partners (MMLP). So we continue to see insider buying at an unprecedented pace. Certainly these are among the biggest insider buys in 3 years. Can't be bearish if they are using their own money and making open market purchases.

I liked the action on the mlp tape today as it was methodical..opened higher..pulled back...and then moved higher this afternoon into the close. And the gain was not too big to suggest it would be nothing more than a dead cat bounce. Looks like we could be at the beginnings of some base building in here.

ARE WE FORMING A BASE?

I brought this up yesterday.

274 would be the top of the channel if we are indeed basing and 260 ish looks like the bottom...that is if we are basing. All these things are known in hindsight of course.

Read this post in the comments section. Puts things in perspective a bit about whats going on.

Hiland Partners (HLND) is kept at sector perform by RBC Captial markets but they raise their target price from 66 to 67. Odd in this enviornment. Crude and nat gas are up. No other corporate developements.

Big insider buy at Williams Partners (WPZ)..20,000 shares worth on the open market.
Also Legacy Partners (LGCY)...4000 shares. Insiders at MLPS are becoming more aggressive in their open market purchases. Atlas Pipeline had an 11,000 share insider purchase this morning and Buckeye Partners (BPL) late last week saw buying by insiders with both hands.

Means nothing of course but one never knows.

The MLP index just went negative by a few ticks. Nothing tragic.

Constellation Partners (CEP) is approaching a 16% yield. What is this? 1980?

Could it be a base is trying to form? One word answers only please!

2 insider buys this morning by the Cohens on Atlas Pipeline Partners(APL). One was for 10,ooo shares....the other for 1000 shares. Since this morning's buys they are in the hole for 11,000 bucks. Isn't it lovely????

Markwest (MWE) is got an 88 cent gain out its earnings. But wait the day ain't over yet. E V Partners (EVEP) is losing 88 cents on its earnings and recommended distribution boost to 3 dollars annual and a 12% yield. More glory and praise!

MLP index is up fractionally but its up more than everything else in MLP land. DCP Midstream is down another 1 and change as it continues to react on the Merrill downgrade from yesterday. Constellation (CEP) is down 50 cents as it is still reeling from its 3 downgrades. Hiland (HLND) down 1.28 with no news there. Inergy (NRGY) is buying US Salt which is probably to be sold to MLP users who need something to rub into their open wounds. The stock is up 49 cents.

SHHHHH!!!! BE VERY VERY QUIET....MLPS ARE UP AGAIN!

Another reason to go down. Oil is now up and energy stocks are up in the pre-market.

BROKERAGES CAPITUALTE

Merrill Lynch yesterday downgraded DCP Midstream (DPM). Constellation Energy Partners (CEP) has seen the three houses that have opinions downgrade it in the last few days. These downgrades are coming at or near 52 week lows which is a good place to do it. Is it a sign of capitulation? Who knows. I've thrown my hands up a long time ago. E V Partners (EVEP) should give holders another reason to sell this morning as the post earnings that after you cut through the hedges were excellent, announce 200 million in aquisitions, raising guidance, and they are going to raise the distribution to 75 cents from 70 cents bringing it to 3 dollars annual and a yield of 11.7%. Markwest (MWE) should have sellers waiting for it too as it announces spectacular earnings and increases guidance.

The MLP index yesterday finished with a 2 point plus gain which happened in the face of fallinf energy and falling energy stocks so the divergence was nice. Today is a new day however and we have falling crude again so look for big energy stocks to start the day under pressure. Nat gas is a little higher however. Stock futures have been improving all morning so the broader market will provide support. The dollar continues to rally strongly as the Euro has gone from 1.60 to 1.48 in a hurry. No help from that end.

About the only positive thing at this point is by the time the distribution checks come on Friday you probably can average in at 15% yields. Glory!

Well we're back up 1.30 on the MLP index and over 261. Crude oil came off its low and so did the big energy stocks. Hoping the last hour keeps things firm around here.

BTW i much prefer a day like today instead of another one of these big spikes up that get sold off within a day or 2. A long period of base building is in order. So a modest up close on the index would be a bigger positive in my never to be humble opinion.

The downticks continue as the gain is now under 1 point. Energy stocks getting hammered as oil is down over 2 dollars. Losers seeing their losses extended in here. Its a wonder the group is showing a gain at all considering the drivers are still applying pressure.

The index was up over 3 points and then came the crude oil sell off which sold off big energy which is now impacting MLPS. The index is still up but now by 1 point or so. Not exactly encouraging. Kinder Morgan (KMP) was up 2 points but has cut that gain in half and is the big winner today.

Constellation Energy Partners (CEP) is down 1 on the downgrade by Citigroup. Hiland (HLND) is down 1. So is DCP Midstream (DPM). Dorcester Minerals, Natural Resource, Alliance Resource (ARLP) all taking about 1 point of gas.

Dow is rallying but its out of energy and into what wasn't working before like financials. Blah Blah Blah.

CANDLESTICKS SAY TREND CHANGE

I'm a novice when it comes to candlestick charts but that hammer formation on the chart that occured Friday could be signalling a trend change. We tend to lag overall trends when they begin or end so it probably makes some sense that if the overall market is in some sort of short term rally mode we will begin to play some catch-up so i'm guardedly optimistic on an MLP rally today.

I would like to see some basing action develope on the chart but you don't always get what you want.

Some upgrade/downgrade action this morning as Wachovia is upgrading Williams Partners (WPZ) to outperform from market perform. Citigroup downgrades Constellation Energy Partners (CEP) to hold from buy. All three houses with opinions on CEP have now downgraded so there is no one left to downgrade.

Earnings this morning from Regency Partners (RGNC) which have all kinds of distortions in them due to asset purchases etc. Earnings are due today from Inergy LP (NRGY), Markwest (MWE) E V Partners (EVEP) and Energy Transfer Partners (ETP) and i'll post the links as they announce.

Euro got to 1.49ish overnight...around 1.50 this morning as the dollar continues to get attention. Crude is up 1.25 this morning and so is nat gas after another selloff last week. Stock futures are a little weaker but not by much. Looks like energy stocks should have a firm open this morning so lets get this new week underway.

The dow is up 280. MLP index now unchanged.

Glory!

Been watching the MLP index clawing its way back to 259 down 50 ticks and i mean clawing as it has been upticking literally 1 cent at a time. A few mlps have gotten out in front now trying to take the lead. Oneok LP (OKS) is up 1 and change. A few others have turned fractionally higher like Sunoco Logistics (SXL) and Buckeye Partners (BPL). Constellation Partners (CEP) went down to 14.79 testing its March low...back to 15.60.

At least the weekend is getting near..can't lose money on a weekend.

Either Constellation Energy Partners (CEP) is carving out a double bottom or its on the verge of another breakdown. Down 1.50 @ 15!

We have stablized the patient but it still code blue! Still at least we haven't violated the week's low. Tape has a feel of not wanting to go down. Maybe we'll see some short covering developing. Just a hope. Down 60 ticks on the mlp index.

The only saving grace for me through all of this was my DUG (double short oil and gas) which has paid of handsomely to compensate some for this devestation we see before us. I remember the stretch from 2000-2002. I was proud that i had avoided the first leg down in stocks when everything exploded in tech land. But as in all bear markets the temptation to buy too soon is there and i did and proceeded to get decimated. Did not get back even until 2005. But i did eventually. This time i avoided it until last month and with all of you the knives continue to bring death by a thousand cuts.

Big energy is getting clobbered. Mlps not so much. With the dollar now screaming higher i would think at some point 10% +yields in dollar denominated assets would become attractive. But i'm just a lowly mlp trader.

ANOTHER FRIDAY

All through this decline we have seen "v" shaped bounces as you can see on this short term chart. No "v" shape bounce occuring here .....which may actually be a good thing. What we need to see in my opinion is a long period of base building. Perhaps that is what we are seeing the beginnings of here and yes i'm being hopeful. Of course we could be building another ledge from which MLPS dive off from.


Emerging from its base is the dollar which is screaming higher this morning some 2 cents against the Euro and we have commmodities down across the board. Stock futures are higher this morning. Anyway its food for thought among the rubble.


Earnings out this morning from Crosstex Energy LP (XTEX) which has been doing well on an earnings standpoint which hasn't translated. Hiland Holdings and Hiland Partners (HPGP,HLND) posted earnings numbers last night and announces an expansion. DCP Midstream (DPM) puts up excellent earnings. Blah Blah Blah Blah Blah!

Crude oil down 2.50 this morning and Nat gas continues in free fall collapse so look for pressure on broad energy stocks. Stock futures are up. We have another insider buy in Calumet Specialty Products (CLMT) which stands to benefit from falling oil prices.

So lets get another agonizing week over with. Sometimes it think the action feels just like this.

This is the 3rd Thursday in a row where we've had a 200 pt decline. In the past this is followed by a mediocre Friday...not much in either direction...a down Monday and a big rally on Tuesday. Seems we could be setting up for this again.

Wachovia cut Constellation Partners (CEP) to a hold at 12:30pm...Lehman reiterates outperform on Exterran Partners (EXLP).

Its just endless. Down 2.34 to 259 ish! Dow down 200. etc etc etc etc.

MLPS following the markets down in the last hour. We are down nearly 2 and under 260 again. Kinder Morgan (KMP) is the big drag down over 1 point and so is Buckeye Partners (BPL).

Blah blah blah...why go on.

Well considering the market headwinds MLPS are actually holding their own today. At least there is now free fall selling with downtick after downtick. The list is split...half up half down...most between +60 cents and minus 60 cents. Nothing really standing out.

TWO UP DAYS IN A ROW?

I aim small. We've had the occasional back to back up days but you have to go back to May and early June to find 3 up days in a row. Chart is hideous. But the tailwinds this morning are rising energy and the headwinds are the falling market. So we know which one we'll follow today.

Earnings news this morning from Constellation Partners (CEP) which says they will keep the distribution the same and guide to the low end of the guidance range. Stock is actually bid up in the pre market. Copano (CPNO) which i always like to think of it as that italian gas company in Texas reported earnings last night. They look pretty good and same for Plains All American (PAA). Linn Energy (LINE) which are never simple must be okay because the stock is trading up in the pre market. Record results and a 13 cent beat.

Also this morning we have the Williams twins (WMZ,WPZ), Penn Virginia Holdings (PVG). Spectra Energy Partners (SEP), Suburban Propane (SPH) and Global Partners (GLP).

No upgrades or downgrades. The open and the day await us. Glory!

We bounced up 4 points on the MLP index fairly quickly..then cut that in half...now slowly ticking back higher up 2.80 as of this post. Would like to see us rally back to the highs by the close...which btw takes us back above that magical 262 level. Of course 1 day is 1 day.

Oneok LP (OKS) Penn Virginia Holdings (PVG) and Copano (CPNO) are up 1 and change and lead the winners list. Fractional gains in a host of issues.

MLPS CONTINUE TO FREE FALL

DOES A BOUNCE LOOM?

We can only hope and pray! And i'm not kidding here. As a practicing catholic i've said a novena and lit a few candles over this! Mr Cramer has pointed out all the damage in commodities related stocks which have just been in free fall and a few of you have posted
those comments here and they pretty much explain it all. Its the same thing that happened last August. When those quant funds sell they do so blindly. So its down until they stop going down. I know that sounds a bit simplistic but when stuff isn't working...it just isn't working!

This morning we have earnings from Exterran Partners (EXLP) along with some management changes. Also we have earnings this morning from Holly Partners (HEP) and Quicksilver Gas Services (KGS). I guess the thing to watch this morning is Oneok LP (OKS) which reported huge numbers last night and raised guidance for the rest of the year at 2009. If you can't get a reaction to that...its over!

The Street.com (subscription required) has a piece on Billionaire Carlos Slim investing in MLPS. Isn't it nice to know you have a billionaire hanging out with us in this misery. At least it offers hope.

Crude a little higher this morning ahead of the energy numbers and so is natural gas. Energy stocks look a touch firm as a whole this morning so we should see some upticks at the open. After that its anyone's guess. Scroll down to last nights post for details about heavy insider buys at a few MLPS. No upgrades or downgrades so far this morning

Finally We could all stand a quick laugh. 13 points in 2 days!

In case anyone is listening out there i thought i would list some noteworthy insider action today.

4 individuals made at the market insider buys in Buckeye Partners including the CEO. Also 2 insider buys at Holly Partners (HEP). Dan Duncan buys Duncan Partners (DEP)...and buys and buys and buys.

Also after the close Oneok Partners posted excellent earnings and boosted its views for the rest of 2008 and 2009. Stocking bidding up after hours. Also earnings from Martin Midstream (MMLP). K-Sea (KSP) put up numbers and a guidance range. Looks like that range is below estimates but sometimes it matters and sometimes it doesn't. From this morning Magellan (MMP) put up good earnings and guidance. Didn't matter there as the stock was down today.

And so it goes. Wish i knew what it would take to get these things to bounce but we're back to 2005 levels in here. I am forever an optimist and we know they can't go to zero if its any consolation. Maybe we saw more unwinding of the hedge fund blow up today. Certainly felt like a continuation of yesterday. The selling stopped around 3:30pm. I'm just clueless really about what is going on other than the obvious things we've all gone over these many agonizing months.

We're coming off the lows by 1 point now and back over 258!

Its absolutely endless down 5.22!

Approaching a 5 point loss on the MLP index.

And those uptics have gone bye bye.

The fed announcement is bringing a few upticks in mlp land. Dow up 270.

Freefall continues as the index is down almost 4 points. No sign of an uptick.

Weekly chart takes us back to 2005-2006. Glory!

Down 3.24 and just no sign of a bottom. Selling is unrelenting.

Some of the bigger energy stocks are actually rallying right now. But that means nothing here. 260 as of this post on the MLP index down 2 and change and no sign of buyers.

Well the last hope was 262 and we are under that now at 259.90. Utterly demorilized here as there is no dead cat bounce...just a dead cat. One point minus signs on Atlas Pipeline Partners (APL) Holly Partners (HEP) Linn Energy (LINE) and Alliance Resource Partners (ARLP). Fractional minus signs across the board.

A few winners like DCP Midstream (DPM) Duncan Partners (DEP) Nustar Holdings (NSH) Calumet Specialty Products (CLMT) Genisis Parnters (GEL) and Sunoco Logisitcs (SXL) among a few others.

Blah Blah Blah!. MLPS are being called DOG FECES! Now that is anger!

CHARTS ARE A MESS!

Its ugly out there as commodities and crude continue to see the air come out of the bag. And they took it out on MLPS yesterday as we saw 8 points come off the index or 3+% and we are just above that 262 level that has held before. The damage yesterday was extensive and we wait and see this morning whether we decend even further or put in another reversal in here.

The weeklu chart takes us back to the breakout in 2006 and if you draw a line across 262 you can see it takes you just above those breakout points which why this level is so important. Stock futures are strong this morning pre-open and i guess the mystery is will we follow the overall market and bounce or will we follow what the rest of the energy stocks do in the face of falling oil and gas
Those big energy stocks have been in free fall on the Dow Jones Oil and Gas index and there is no sign of a bottom here nor are there any signs of a bottom on the crude oil (USO) or the natural gas charts (UNG) which follow below.

The USO has broken support and is under 120 on cride this morning. And natural gas has aboslutely crashed as we are now at 8.50 on nat gas.





No corporate developements this morning. No upgrades or downgrades so far either. More ex-distributions on the tape this morning so at least those (very high) yield checks continue to at least cushion this although losing 10% to gain 2% for a quarter is hardly a way to get ahead as several of you have pointed out in your posts.

So we wait for another day of torture. Maybe the strengthening dollar will bring money into the group. We can only hope and pray. I think the action in mlps truly show us just how broken the credit markets really are.

21 mlps were down 1 point or more...8 of those were down 1.50 or more. 4 were down 2 dollars or more. Glory!

262 held again...barely. Glory!

In all seriousness the tape in anything commodities did have the feel of someone unwinding a big position. Usually these things happen near bottoms but we have sung that song before.

An 8 point loss and at 262 and some pennies.

If you own Exterran Partners (EXLP) Semagroup LP (SGLP) and Sunoco Logistics....congratulations...you are not down....yet!

Coal MLPS are all down 2 points or more. Everything else is getting clobbered. Why re-cap the obvious.

Rumor of a energy hedge fund going under. Isn't that special? Could be explaining the freefall. The nat gas collapse and the sell off in crude ain't helping.

My hair hurts and my teeth itch!

Ugly day with a 5 point plus decline on the MLP index as crude oil collapses under 120 and energy stocks are being thrown out wholesale. All mlps are down except for Hiland Partners (HLND) which is up a small fracton.

Buckeye Partners (BPL) is down 2. Holly Partners (HEP) is also a 2 point losers. And we have a long list of 1 point losers or losers of major fractions.

I guess 262 is in play again.

MONDAY MORNING IN AUGUST!

Ugh! Waking up from a summer weekend and not much happening this morning. We have Citigroup downgrading Buckeye Parnters (BPL) and dropping their target which is, as always, a stroke of brilliance after the decline. More ex- distributions over the next few days so at least the check is in the mail, or will be. Stock futures a touch lower. Energy is lower this morning as Tropical Storm Edouard heads toward Houston with what should be minimal impact. No corporate developements. Try and stay awake this morning.

Be sure to scroll down to my weekend post with the link to the FT article about takeovers in MLP land. Worth reading.

I will post later this morning as things get underway.

Found this piece that came out from the Financial Times of London which says mergers in MLP land may be on the way as the industry contracts thanks to tight credit markets. A few names mentioned like Targa Resources (NGLS) and Global Partners (GLP). Interesting times lie ahead in mlp land.

Gaining a little traction here with the mlp index diverging from everything else and the index is now at 273 up 1.73! Energy Transfer Partners (ETP) leads the way higher up 1 and some change. Fractional gains in Plains All American(PAA) Nustar (NS) Buckeye Partners (BPL) Magellan (MMP) and Enbridge Energy Partners (EEP) which has rallied from 45 to 50 this week on earnings strength and the distribution hike. Someone is actually listening!

Not too much on the losing side and most of that is on very light volume which is good. Also beware that sometimes a nasdaq mlp is listed as down even though its ex-distribution.They are not as neat about those things as the NYSE.

Might have a shot at closing near the highs of the week and we haven't done that in a long long time.

IS THERE HOPE?

Of course there is! There is always hope. And in bear markets is the eternal search for the bottom that never comes. Well we have been suffering 1 year into this mess and we are down 20+% on the mlp index. But in that eternal search we seem to be holding 262 and we have been also seeing big multipoint moves up and down since last Monday. That action tells me that at least a tradeable bottom has formed and we will be trying to perhaps take things back up toward 290 on the MLP index.

I actually was quite pleased with yesterday's action. The index had every reason to completely fall apart as it has so many times in these past many weeks and we finished with a 1 point loss. And it took a 200 pt dow sell off and a 3% loss in big energy and we still managed to close off the days lows. There were some smart upticks in price in a few issues yesterday as well. The big energy stocks are in sell off mode so perhaps we are beginning to see some sort of divergence developing.

So we will keep our eyes on this and lets watch the dow chart which also is behaving like we are in the beginnings of a trading rally. Where and how high it will take us i don't know. Also note that in the past important market bottoms have been made in the August to October time frame.


Friday's typically do not bring much in corporate developements. We had earnings last night and distribution guidance from Atlas Pipeline Partners(APL) and Atlas Holdings (AHD). All of this will be digested this morning. Also we had earnings from TC Pipelines (TCLP) and they were strong.

No upgrades or downgrades so far. Holly Partners (HEP) got an intraday boost yesterday from Goldman and UBS so the stock went from being down 2 to being up 2 in a hurry. So that turned into a nice trading profit for me that occured in a hurry. Sold it in the afternoon a little early but a profit is a profit and these days its been a tough find so you grab em when you can.

MLPS are off the lows and there is a firmness in the index which is down about 50 ticks. Considering oil down and broad energy stocks following Exxon and the rest of the market, i think we are actually acting fairly well today. No big winners but some fractional gains today in Atlas Pipeline Partners (APL) DCP Midstream (DPM), Magellan (MMP) and Martin Midstream (MMLP) among others.

Losers today some the coal MLPS which are down fractions to a point. Holly Partners (HEP) is down 2 and change on no news. Thinking this one should cut its losses by the close so i took a small flyer for a trade this morning at 31.30. Crude is down nearly 3 bucks with nat gas and everything else following.

Since Cramer has called the bottom i will join the cry of pompousness and cautiously call the bottom in MLPS. 262 is the floor.

MAYBE I SHOULD LEAVE MORE OFTEN!

Take a day trip to Saratoga and spend the day at the racetrack and MLPS jump 6 points on the MLPS index. Lost money at the track. Made money mlps. It works for me. All of this on the back of the oil price rebound which for now looks like a 1 day wonder (the oil price rebound). The chart above continues to display a bottoming process but the first headwinds sit right above these levels as the moving averages will provide resistence to some degree. Would love to see MLPS cut above them but its going to take some work.

Distribution news this morning from Eagle Rock Energy Partners (EROC) which boosts. The company also put out a release about its exposure to Semagroup. 6 million is their exposure but it sounds like they are getting paid. Earnings out after the close from Atlas Pipeline (APL) and TC Pipelines (TCLP).

Nothing on the upgrade downgrade list so far. Crude is down a buck this morning after yesterday's gain. Stock futures are a little higher as GDP numbers loom. Exxon Mobil earnings will probably drive energy stocks today so we'll watch for that.

We're up 2 out of the last 3 days and yesterday's move looked impressive.Still waiting for 2 up days in a row. Maybe today.

Heading for Saratoga today with all my brothers in law. I have a lot of them. Will post later.

You can't buy 2 up days in a row. MLPS are down today by 2 points on the index as today oil and big energy leads lower. Kinder Morgan (KMP) Oneok (OKS) and Teppco (TPP) all losing major fractions and impacting the index.

A few winners however with Alliance Resource (ARLP) and Penn Virginia Holdings (PVG) up 1 and change. Atlas Pipeline Partners (APL) is up nearly 1 point as well. Lots of fractional winners today. In fact as a whole more mlps are up today than down. So its not as bad as it looks.

LET THE EX-DISTRIBUTIONS BEGIN!

And they do begin today as a few mlps make the distribution official for the holders of record and more to come over the next few days. We also have earnings this morning from Holly Partners (HEP) whose stock price has been decimated in the last few weeks trading under 29 at one point. Also Teppco posts its numbers this morning. Enbridge Energy Partners (EEP) put up excellent earnings and boosted the distribution and guidance yesterday. All very good reasons for an mlp to trade close to its 52 week low and a 9% yield!

Constellation Energy Partners (CEP) has gone from near 50 to 15 in the last many months. So this morning at 1:38am Lehman Brothers cuts Constellation from outperform to market perform. You have to love this. You think maybe the janitor found the list overnight and under the cover of darkness sends out a press release hoping no one would notice? The stock at 19 is sitting 31 points below its 52 week high and now they cut it to marketperform? Dear Lehman, they try so hard.

Waiting for Valero earnings (VLO) this morning as what they say could have impact on mlps that have been victimized by the spike in oil last quarter. Calumet Specialty Products (CLMT) for one has been heavily impacted by the squeeze in margins. Nustar (NS) and the like probably another victim. If they have favorable things to say about the outlook it could move those mlps. I took a flyer on Calumet yesterday for a short term trade.

Crude flat to a little higher this morning as it continues to not do very much lately on the upside and seems to want to correct further. 125 is holding for now. Nat gas flat as well. Stock futures have turned higher after yesterday's debacle. Not sure what to look for today after that nice outperformance surprise by mlps. Lets see if we can make it 2 days in a row.

BTW Holly Partners (HEP) forecast distributable cash flow to increase in the futures. We'll see what the market does with this.

One of your odd days. If you said to me this morning the dow would be down 240, energy stocks would be down as a group, and mlps would be up nicely...i would have given you directions to the nearest clinic. Did everyone wake up this morning and saw 10% plus yields as we go ex-distribution in the next few days? Actually i was happy to see mlps hold their gains in the last hour while the rest of the tape sagged into the close.

Now if the Art Cashin scenario plays and we see a capitulation bottom and reversal tomorrow, is it concieveable that MLPS will be among the market leaders? Need to see a close above 271 tomorrow to make that a reality. For now watching but keep a close watch if this is the beginnings of something more important.

The dow is down 200 points. Everything is down including big energy stocks which were firm but have now rolled over. MLPS however are at the highs of the day now with the index up 1.28% @ 267.82 as we continue to slowly distance ourselves from the bottoms of the last 2 weeks. Of course we had an 8 point up day last Monday only to see most of it evaporate by the end of the week. Still it is strange to see a divergence like this. Watching the situation carefully.

Art Cashin on CNBC who has been around for many bottoms played out a scenario last week where we would be down hard Thursday (-283) followed by a mediocre Friday (+21)..then down hard today and a capitulation reversal tomorrow. So far its playing according to plan.

Meanwhile the mlp index is up 3 points on the day. Go figure. Somebody ring a bell?

Or maybe this Reuters story over the weekend is a sign of a bottom in mlps. Its not often you see a story where they tell you to stay away!

Well we have a divergence going on with a nearly 3 point gain in the mlp index while everything else is down. Big energy is flat. But up is up and you can't be sad about that. Coal MLPS lead the way with both Alliances (ARLP,AHGP) up 1 and change on earnings and the distribution hike. Boardwalk (BWP) is up nearly 1. Most other MLPS showing nice fractional gains on the board.

Lets see if we can hold 'em this afternoon.

NEW WEEK IN THE

LAND OF HOPELESSNESS

Another week starts and things look very bleak when you look at the chart. We had a one day bounce last week and then spent the rest of the time selling off. That 262 low looks very tenuous however if energy stocks rally today we could at least hold it in here.

The broader oil and gas index is falling along with energy prices and it looks like support lies not too far below current levels. MLPS continue to get wagged by the dog of the day. When financials go down we go down..when energy goes down we go down. Some day we will seperate from all of this. I'm not sure today is the day. But some day.

Then of course the dow chart is a horror but the question is are we going to rally in here ala March to May or do we have more downside ahead of us. I think the low 2 weeks ago look and felt like a selling climax but one can never be sure.

Boardwalk Partners puts up earnings this morning which look pretty good but probably won't matter. One of the better performers in mlp land Alliance Resource Partners (ARLP) also puts up good earnings and a 12% distribution boost. Coal mlps remain closer to their 52 week highs but they also have come off. And Alliance Holdings (AHGP) of course benefits from Alliance Resource and they boost their distribution as well.

Nothing on the upgrade downgrade list. Crude is 1.50 higher this morning but that has become less meaningful as we are now in the land of bigger numbers. Nat gas is up 11 cents as it rebounds from what has been freefall lately. Stock futures are a touch softer this morning.

So we wait for the open. I am college shopping this morning but they have wireless so i will check in later this morning.

Seeking Alpha piece gives a big boost to Calumet Specialty Products. Its a long read but it gets there eventually.

Hope everyones weekend has been a good one.

A Bugs Bunny classic. Check out grandma!

WEEKEND MUSIC! GET HIGH!

The demoralization process just continues in here as energy stocks sell off into the close. The mlp index is down nearly 1 point and at the lows of the day. There are some nice moves from some deeply oversold mlps heading into the close but the damage is so extensive that it really isn't very meaningful.

MLP index just went negative!

Glory!

Weakening oil and natural gas prices keeping a lid on anything energy today except for coal mlps which are up nicely as coal is rallying today for some reason. The mlp index has been in a water torture decline from the days highs and is now just barely higher. Look at EV Partners (EVEP) which made a big distribution boost to 2.80 annual. The stock is now down on the day! Holly Partners (HEP) whose price pretty well discounted the end of oil and gas as we know it is actually up 1.50 and back to 32 but it has been decimated. They boosted their distribution this morning. Hiland (HLND) and Hiland Holdings (HPGP) are hiking payouts. The stocks are down of course.

So its really more of the same. Bear market. State of hopelessness. I would like to see some sort of basing action but there is just too much nervousness in here. Some of you have posted about naked shorting and the problems that brings. If Mr Cox at the SEC makes naked shorting illegal for all stocks...we'll know fairly quickly if mlps are victims of naked shorting.

The mlp index is up 2 points which we don't believe anyway. Holly Partners (HEP) EV Partners (EVEP) and Nustar (NS) are leading the way higher. We have earnings from Nustar and Nustar Holdings (NSH). Distributions were announced as well. Lots of fractional plusses on the board as well.

Crude is selling off again after being up earlier and is down 1.60 right now. The overall market is rebounding off the mess from yesterday but we'll see if it holds.

ANOTHER DAY IN THE BOTTOMLESS PIT!

Another Friday has arrived and thankfully brings an end to another week of torture. Regency (RGNC) Boardwalk (BWP) and DCP Midstream (DPM) all raised their distributions and E V Partners raised 8 cents to 70 cents which had already been pre-announced a few months back but it doesn't matter anyway.

Energy stocks getting some support this morning from firmer crude and stock futures are stronger now as durable goods was supportive and of course we are coming off that debacle yesterday. No other corporate news and no upgrades or downgrades.

Back to the torture chamber.

A little music for your evening.