We'll start off the morning with some leftover news from last night as Penn Virginia GP (PVG)announces higher earnings and a higher distribution. And of course we also have earnings numbers from Penn Virginia Resources LP (PVR).
A few MLP charts are in corrective mode. Magellan Midstream was 53 and change Monday morning before turning south and now sits just under 48.
It certainly looks like this one which has been climbing for almost a year is taking another one of its usual dips into its moviing average support lines. If you are searching for an entry point on this one we may be getting close to the zone. This morning Lehman Brothers cuts the stock from overweight to equal weight. This follows the Citigroup cut on Tuesday from buy to hold. Also this morning Friedman Billings drops coverage on Atlas Pipeline Partners (APL).
More MLPS going ex-distribution this morning including Willams Partners(WPZ), Boardwalk Partners(BWP), Buckeye (BPL) among others. The MLP index yesterday tried to rally and closed fractionally higher. The MLP index islooking at support around 321 and some change. I think today's trading should tell us whether we are headed down toward the moving averages.
I am back to normal today so i will be posting at my usual regular rate.
joseph cioffi's Source Page - Associated Content
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