Crosstex Raises...But What Happens Today?

After yesterday's nearly 4 point rise what do we follow it up with. Follow through would be nice but a quick correction could come at the open or intraday...who knows. But the breakout was impressive and i still think 300 is easily doable here on this new upleg.

This morning we have earnings news from Enterprise Products Partners (EPD) which shows net up a nice 22%. Also this morning we have distribution hikes for both Crosstex (XTXI) and Crosstex LP (XTEX).

Nothing on the upgrade downgrade list so far this morning. Crude oil pulling back this morning after yesterday's 2 dollar plus rise. Natural gas is also correcting this morning down 12 cents after its rise over the last several days.

I just want to touch on Linn Energy (LINE) which looking at yesterday's chart broke out to a new high at 35.

Looks like we may have begun another upleg here so buying could be tough. If you bought down at 30 on that last correction...congratulations. If you are looking for another entry point use the 34 day moving average as a logical place to buy....and pray that a correction comes! As of yesteday's close its at 30.51. Frankly i can't imagine that happening today or tomorrow but sometimes these nasdaq mlps sell off 2 points or more for no reason only to bounce back within minutes. You have to be there and in position to catch em when they fall.

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