THE DOLLAR COLLAPSING
STOCK FUTURES IMPLODING
Other than those three things everything else is fine this morning! So enjoy your breakfast! My wife is making fresh biscuits! So before i worry about whatever awaits MLPS today...its coffee and a good breakfast.
The MLP chart above continues to display indecisiveness as it sort of straddles along the moving averages. This is going on as the dow industrials continue to fight to hold 13500 and we will at least retest that this morning at the open.
Meanwhile Oil nears 100 dollars and below is the US Oil ETF which trades and also trades puts and calls. I am going to be tempted this morning to buy puts here if Crude hits 100 dollars on the inventory numbers. I just wonder if this has been all baked into the cake already and that this market is ripe for a severe correction that could take the USO at least down to its 34 day moving average which is sitting near 67. This is a speculative play on my part and by no means am i recommending it.
But there is so much attention and so much a feeling of inevitability here as oil soars to the sky. It may be time to look to the other side of the trade. Again not for the faint of heart .
Late yesterday Calumet Specialty Products (CLMT) put out earnings and notice that they are being impacted by high crude oil. Those of you who are looking for a quick trade might put this one on the radar screen for when oil tops out. Also Linn Energy (LINE) will be coming out with earnings after the close Friday so we may see some attempt at short covering ahead of the number unless of course the overall market is dominating the news.
Earnings are out this morning on Nustar GP (NSH) and also numbers on Spectra Energy Partners (SEP). Also Nustar is buying up some CITGO assets. Nothing so far on the upgrade downgrade list.
joseph cioffi's Source Page - Associated Content
2 comments:
A "mythical story" to lighten the mood.
A stewardess on a commercial flight is shocked to find both the pilot and co-pilot violently ill from food poisoning and unable to fly the plane. Whats more there was an total electrical and hydrolic malfuncution rendering the controls and navigation equipment useless. The only guages that seem to work are the fuel guages and they are almost on empty.
The stewardess knows she must tell the passengers something, but she was trained to give an up beat message.
She announces to the passengers:
I have good news and bad news,
First the bad news, The pilot and co-pilot are too ill to fly the plane, the controls are unresponsive, we're almost out of fuel, and we're lost.
Now ( trying to calm the passengers )here's the good news:
We're making record time!
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No the stewardess's name isn't Ms. Bernanke!
lol...need a joke after a day like today!!!
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