Yesterday morning we were sitting just above 290...right now we are 1 point below 300. Up 4 points on the day. I think this bolsters the arguement that at the very least we're headed for the top of the trading range at 310. And we are going to close higher for the week thanks to the last 2 days. Also this weekly chart is telling me that the bottom is in at 290.
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4 comments:
Joe,
I hope you are right. I have spent the last week throwing money into MLPs with both hands! Had HUGE gains yesterday. The bad news is that I am now fully invested and would have to sell something to buy something else. So, from here on out, I am along for the ride (I generally have a buy and hold philosophy). I still think that there is a substantial risk of major price swings ahead. Hedgies and mutual funds will be busy repositioning their portfolios for some time to come. Also, whatever the Fed does or does not do can have a major impact. Finally, we are entering the traditional period for seasonal weakness in the energy sector, which affects different MLPs to varying degrees.
Thanks again for your FANTASTIC blog. Thanks to you, I have greatly improved my investment portfolio.
Bruce
my fear was a breakdown below 290. When that didn't happen yesterday, and judging from the power of the rally i think the top of the range is logical. If we breakout above 310 then is back to the old highs. Certainly it won't be straight up and there will be more selling along the way...we are certainly in a much better place then we were just 2 days ago.
And thanks for the kind words. I'm glad i'm able to help.
Ditto here Joe. I am a long-term-buy-and-hold guy -- not a trader -- but I still find myself checking this blog at least a couple of times a day! Like Bruce, I have gone all-in during the last 6 weeks. I have all my spare investing cash committed.
mike
I am all-in as well, just been buying for the last few weeks, not sure why this group got hammered. looking to pick up some divies along the way. well have to see how things play out
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