NATURAL RESOURCE DOWNGRADED
GLOBAL BUYS SOME STORAGE
NATURAL GAS UP THIS MORNING.
Okay lets deal with the last item first. Natural gas is up 14 cents this morning as that 6.40 level is holding but i need it to take out 6.60 convincingly. I am still long here on the UNG ETF along with some July 45 calls. Fasten your seatbelts.
Meanwhile FBR (Friedman Billings Ramsey...all three!) downgrade Natural Resource (NRP) from outperform to market perform. Natural Resource has moved into the lower 40s from the mid 30s....nice move in the last week or 2. Global Partners is buying two terminals from Exxon.
This morning we have weak stock futures and rates are falling this morning as subprime continues to bleed into the market. 10 year falls to 5.07%. Crude is flat but nat gas is higher for now. The mlp index starts the day at a new all time high. We'll probably see some selling at the open and then we'll look around and evaluate. Path of least resistance is higher.
joseph cioffi's Source Page - Associated Content
5 comments:
"The path of least resistance is higher."? What an inane comment.
UNG is on the move!
eagle
an inane comment??? really? Looks like its easier for them to take em up then down with the rest of the market!
Joe,
Re: "inane comments":
Cervantes said it best. When Don Quijote and his sidekick, Sancho Panza, went by a village and some DOGS came out barking, he turned to Sancho and said,
"Ladran, Sancho, senal que andamos!"
(They bark, Sancho, it means we're moving!)
Carlos
lol Carlos....made my day!!!
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