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Friday, January 04, 2008

2 of the MLP index bigger weights Oneok (OKS) and Plains (PAA) are down 1 and change and probably make up a big chunk of the 2 point decline in the index. Kinder Morgan Partners (KMP) which is a heavyweight is up 25 cents. But you have that 200 point dow decline headwind and i suspect an ugly last hour is coming up. Certainly MLPS did better this week than the overall market so at least its relative outperformance. I noticed alot of defensive issues were higher today including the 5 point gain in the utility average so the tape is signaling recession.

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