Up 6 days in a row on the AMZ MLP Index which is making a run toward its all time high. It might be time for just a little short term pullback but look for corrections to run its course very quickly.
You pretty much could have bought any MLP in the group. Even the laggards like Teppco (TPP) and Valero LP(VLI) among others have rallied.
Crosstex Energys (XTEX,XTXI)...the LP and the GP are ringing the opening bell at Nasdaq this morning.
Crosstex LP (XTEX) had been in a very tight range with an upside bias all week. 38 seems to be the breakout point here with the all time high at 43 and change (adjusted for distributions). This one should breakout soon on any positive news. Meanwhile Crosstex (XTXI) shrugged off a Wachovia downgrade two days ago and looks to make an assault on 100. It seems to me that both could clear their prospective tops together. I would like to see all breakouts done on volume to confirm.
No news this morning on the corporate front and no upgrades or downgrades at least so far. Crude oil is slightly higher this morning with nat gas down 17 cents after another big move yesterday. Stock futures down right now as earnings of dow stocks having an impact.
So its been 6 great days....lets shoot for 7.
joseph cioffi's Source Page - Associated Content
1 comment:
Noticed that the NOAA updated its winter forecast to project a two percent warmer winter than the 30 year avg, but eight percent cooler than last year. Hopefully that will be enough to work off the large amount of gas in storage. Schlumberger's CEO said today "if the coming winter fails to stimulate strong natural-gas demand
there is a growing likelihood of excess equipment capacity in the
pressure-pumping business at some point in 2007." That wouldn't be a good scenario for natural gas MLPs I think.
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