Reading XML stream over TCP with XMLReader

I am trying to use XMLReader to open a TCP socket on which to parse a stream of XML.

using :-

$reader = new XMLReader();
$reader->open('tcp://127.0.0.1:8800')

I get:-

Warning:XMLReader::open(): Unable to open source data

(Yes there is a server listening on that address and port)

Does anyone know if this is possible with XMLReader and if not what is the best way to read and parse an XML stream on a TCP socket.

Thanks