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Friday, August 24, 2007

Sometimes its hard to get a good feel on a low volume day but upside is upside and the MLP index is up another 2 and change at 306.68 in this headroom rally. Markwest (MWP) Inergy Holdings (NRGP) and Penn Virginia Holdings (PVG) are up 1 or more. Lots of fractional gainers in the group. Not many mlps down and except for Holly Partners (HEP) which is down 60 cents the losers are only off by tiny fractions. Holly was up nearly 3 points yesterday so a pullback here is not a surprise.

Looks like we're going out on a firm tone this week. Low volume has many technicians concerned and everyone is calling for a re-test of the lows; which probably means there will be no retest leaving all the buyers waiting for lower prices to buy higher. No guarantees; just a theory.

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