adbrite ads

Your Ad Here
Your Ad Here

tickers

$IN

amazon

Friday, May 04, 2007

MORE EX DISTRIBUTIONS TODAY...
MLPS TRYING TO HOLD 330 LEVEL
CITIGROUP CUTS NATURAL RESOURCE

Another week passes and MLPS continue to resist a drop although when you look at the daily chart it seems like its time for at least a pullback. The 34 day moving average is sitting just below 322 and it wouldn't take much to get there. The reversal from the 334-335 level continues to impact trading but after the nearly 3 point drop Tuesday the group has tried to make a stand at 330. Also note that we have been dealing with lots of ex-distributions which have been imacting the index.


The weekly chart on the other hand remains completely in bull mode even if we wind up with a down close this week. Thats why i still believe any pullback is short term in nature and that we still have higher prices in our future.
This morning we have no corporate news however we have another downgrade from Citigroup. Earlier this week they cut Magellan Midstream (MMP) and today they cut Natural Resource Partners (NRP) from buy to hold. They upgraded the stock a few months ago when it was in the upper 20s (adjusted for a 2-1 split).
So there you have it for a Friday morning. Jobs numbers will be the overall market mover today. The energy complex is flat but firm and stock futures are strong ahead of the employment data.

No comments: