MARKETS RALLY SHARPLY IN THE PRE-OPEN
Yesterday was down right ugly all the way around and everything went down. As of this early posting however futures are up 130 dow points and 15 s&p points. Now whether that holds or not remains to be seen but we have dropped 1700 points or 13% in the last month so a nice bounce is due whatever the catylist.
Now you may find this difficult to believe but in the time frame that the dow is down we are actually still about 1% higher from the December 21st low. Your mlp portfolio may not feel that way since its the big cap mlps that have held up better than the smaller ones.
After yesterday's collapse i thought this might give us some perspective on what the overall trend is. MLPS can live in their own little world for so long but when markets implode they sell everything.
So we begin with this early post so i will repost as morning news breaks. There were no headlines after the close yesterday.
joseph cioffi's Source Page - Associated Content
5 comments:
If Bernanke has even half a brain,
he should cut the Fed Funds rate by 50 basis points about 1/2 hour after Bush speaks. This will underline that the Fed is supporting the efforts of the Pres. and Congress in a co-ordinated way.
All this on options experation day.
We have to get past UM's index, and the Index of leading indicators at 10:00 am.
JF50
Dow +130 and MLP's doing nothing. This is an orphan asset class...nobody cares.
EROC in particular is still getting creamed.
Don't know why.
Bruce
Eroc holders filed that 9.299 million shares
( probably from a pipe ) for sale on Jan 14, 2008.
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?FilingID=5651026&Type=HTML
JF50
Got it. That gives me a bit more confidence that this is a temporary, technical move in EROC.
Thanks, JF50!
Bruce
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