2 DAY WINNING STREAK ON THE MLP INDEX

Which is nothing to sneeze at after the last few weeks of what seemed liked endless selling.


So do we have a triple bottom here on the charts? Well we always know those things in retrospect but at least some of the short term inidcators like rsi and the stocastics have turned positive. The first challenge is to get above those moving averages including the 200 day moving average which is above 305. We still have the headwinds of supply and it did not help that Williams Partners (WPZ) announced an offering of 9 million shares last night. But each day we are one day closer to year end and each day the headwinds are getting closer to being discounted.

Wachovia this morning starts Sunoco Logistics(SXL) at market perform. No other news on the wire and no upgrades or downgrades. We have a filing at Hiland Holdings (HPGP) which shows one insider adding to his already large 10% stake with another open market purchase.

No other corporate developements this morning. Crude oil is down but off the lows this morning but natural gas is up a few ticks. Stock futures are lower as we head into the open. 10 year rates remain under 4%

BTW for those of you into charts and technicals here is a link to Barchart with some stats regarding the MLP index just to put things into perspective. Also Factiods has his November MLP summary up on his web site so take a look. Also one of this blogs regular readers has started his own blog so please visit and look around. Its always good to share ideas.