BROAD MARKET LOWER FOW NOW
MLPS HOLDING OK
Lots of stuff going on all over the market with Countrywide, Merrill Lynch, American Express, the Fed..etc etc and in the face of the dow down 166 as of this posting...mlps don't look so bad with the index down less than one point. So its not too bad at all really. Martin Midstream (MMLP) and US Shipping (USS) are the 2 biggest losers down about three quarters of a point. On the upside Hiland (HLND) Kinder Morgan (KMP and gasp! Linn Energy are up small fractions. Dow down 180 now with the MLP index down 1 point. Long trading day ahead so i think i'll go to the gym and costco and see what happens. Feeling optimistic for some reason.
joseph cioffi's Source Page - Associated Content
3 comments:
I was thinking that the Fed is conducting a 30 billion dollar auction on Monday Jan 14 via their term auction facility (TAF). There is also another 30 billion TAF auction set for Jan 28.
I would also think that there is the possibility for a Fed discount rate "surprise" cut today or Monday to add to the impact of their TAF efforts.
Say .25 on Jan 14, and another .25 at the Fed meeting at the end of January.
JF50
The thing that bothers me is that everyone knows cuts are coming, yet securities with yield (MLP's) are not reacting. You would think that MLP's yielding 400+bps over the 10yr would be attractive now, yet there seems to be little to no interest in buying them.
the thought of a fed cut this afternoon did cross my mind as well. If I were to do it. I would do it at 3:40 this afternoon to get a nice bang on the close.
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