Good Morning and Merry Christmas.
Its the last week of serious trading for the year so i'm not expecting too much to happen in the news department. Sometime this week we should hear from Energy Transfer (ETP,ETE) with regards to the quarterly distributions.They will go ex-dis around Dec 29th or in very early January based on past history. No headlines this morning but Wachovia is chiming in on Natural Resource Partners (NRP) upgrading them to outperform from market perform. Let's see if they get more upside after a nearly 4 point gain on Friday. Also Valero Holdings (VEH) in the secondary that seems to go on forever is supposed to come to market today so we can finally get that out of the way.
The AMZ weekly chart still shows no sign of a top. We've gone almost straight up from 253 to 285 since the end of September for a nearly 13 percent gain (not including the october distributions). Still no sign of top
And why should there be...since the 10 year rate chart which topped at 5.25% in July has been in a downtrend ever since. And there is no sign of a bottom here. Just as the rates topped about 2 months before the rally began, my guess is that MLPs won't top out on this move until rates bottom out. And who knows when that will be but I think we are still at the beginning of a long multi-month up cycle.
And since this is my blog...and i basically will blog on what is on my mind. I'm a practicing Catholic. I make no apologies...its me! I think religion is a personal issue and while i enjoy discussing concepts regarding all faiths i truly respect everyone's choice..or even the choice to be an aethist! I am no bible thumper by any means. But i have to say that when you go to your own church and your fellow church goers won't use the word christmas...i've had enough! Its really pissing me off! So i'm doing my own little thing on my own little blog to express my disdain for all this happy holidays bullshit!
joseph cioffi's Source Page - Associated Content
2 comments:
As a practicing Atheist, I whole heartedly support your right to be pissed off! Just finished reading "The God Delusion" ... a very thought provoking read. Anyway, are we worried about this warm weather's effect on the propane names? I think ETP gets 1/4 of their revs from propane. Nice Barron's article on Newfield which I think is the prime source of MWE buisness.
I have to tell you that i have never seen the global pattern this devoid of cold weather anywhere. It is at an extreme in my view and at some point soon it should start to trend colder. But my confidence level is very low here. I'm long ETE instead of ETP since i think there is more upside with the gp than the lp. If winter is non existent that propane revs will be hurt. On the otherhand the markets in energy have already priced in a warm winter.
Its never easy.
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