MLP INDEX CLAWS BACK TO

200 DAY MOVING AVERAGE

Its only by a few ticks but we are sitting just above the 200 day moving average for the first time in a few weeks. The chart looks like it is trying to bottom in here. Of course we are still getting whipped around by the overall market which is starting weaker this morning. But i like weak opens and this could be some profit taking after the strength over the last few days.


Its not the prettiest chart but it is trying to mend itself.

Meanwhile this morning we have slightly higher energy prices..even natural gas is up 3 cents. Not much corporate news. Inergy and Inergy Holdings (NRGY,NRGP) are buying a storage facility in upstate NY. Nice to see those deals yesterday but i am stumped as to why Copano (CPNO) could not get a couple of points of upside on its gas deal and a 22% distribution increase. The purchase is being funded with a private placement so there is no dilution coming from a stock offering. I went long at 40 bucks. Anyone have any ideas on this please share them in the comments section.

Meanwhile Terra Nitrogen (TNH) fans have enjoyed quite a ride. From 66 just a few weeks ago we closed yesterday above 115...still off the 140 high. I sold my trading position out last Friday in the low 100s after going long at 84....made some nice money.


Chart looks like it wants to go higher but this trades violently and could be up or down 10 points at anytime. There is a small gap leftover from last week down around 99-100. If it drops down there quick i'll take a small position but for now i am sitting at the sideline bar and grill and having a beer. Definitely not for the faint of heart.