I think my headline here is the big question today. The durable goods number has set the tone in the stocks and yield markets as yesterday's correction is set to continue. At some point if the correction deepens money will start to flow to anything with yield. So we'll let the open play itself out and I would be looking to add to any MLPS that pull back to moving average support levels. Drops can be sharp and quick so be nimble and try to stick with the ones that have been the leaders here or have been on or near the 52 week highs. The AMZ MLP index was off 1 and change yesterday but the weekly chart is completely and totally bullish...at least for now!
In the news this morning Energy Transfer Equity (ETE) has completed its priviate equity financing of its recent aquisition. Nearly 8 million shares were placed priviately at $27.41 per share.Usually these priviate placements require the holder not to sell the stock for a period of time which keeps extra shares off the market for quite a while. Also we have 2007 guidance being issued for Oneok LP (OKS) for the first time and it looks pretty good for next year. Copano last night announced it is bringing 2.5 million shares to market in a secondary so look for this one to be down a couple of points today. Penn Virginia's (PVR) comes to market today as its pricing its IPO. PVG will be the symbol. No news on the final pricing but they did take the range down. No upgrades or downgrades this morning. Stock futures are down 4 points. The energy complex is up however and pre-market energy stocks are slightly higher. So here comes the open and we'll take it from there.
joseph cioffi's Source Page - Associated Content
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