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Tuesday, August 21, 2007

Had to go to the eye doctor today and missed out on a good trade. Oh well. Meanwhile there seems to be a lot of tension building on the tape again. Tight range back and forth...if i had to bet we break to the upside and head up toward 13,400-13,600 on the dow. Meanwhile MLPS are a bit lower. The index off by a little less than 1 point. Legacy Reserves (LGCY) has been under almost unrelenting selling from some hedge funds and finally the stock is rallying back. It is today's biggest winner up 1 and change and back over 21. At its low last week the stock was yielding almost 9%. Oneok LP and EV Partners reported insider buys yesterday and both stocks are up fractionally.

Natural gas is down again to 5.85 from 7.25 last week. I'm not sure if it is impacting some of these guys who use a lot of hedging. Linn Energy is down 1 and change but it held up well compared to everything else and I could just be over-reading the situation. Hiland is down 1.59. And you have a number of fractional losers. Nothing is being driven by any corporate developements.

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