FIRST DOWN DAY IN 8
ENERGY MARKETS ONLY TRADE ONE WAY
ENERGY MARKETS ONLY TRADE ONE WAY
Sure feels that way lately as Crude oil hit as crude oil hit 112 yesterday before backing off a touch. The USO chart which is a proxy for crude looks like its breaking out again to the upside. I suppose 120 is the next logical stop here. I'm just wating for a parabolic spike. It sure seems like that's what's coming.
Nat gas is also looking like its getting ready to spike out to a new high here and we do have gas numbers due out at 10:30am. And its not hurricane season yet.
And then there's us...the MLP index has for the first time since November cleared above its short term expotential moving averages...at least the ones i like to use as trading points. The moving averages looking like they are turning to a positive slope and the next thing to look for is the 34 day average to cross over the 55 and 89 which is of course bullish.
Enterprise (EPD) has a leaking pipeline in 85 ft of water in the Gulf of Mexico. That pipeline will be shut until repairs. News came out yesterday and took out about 66 cents here and EPD is a big component of the MLP index.
joseph cioffi's Source Page - Associated Content
6 comments:
What market forces influence the MLP's ?
In other words, what prompts buying and selling in the MLP sector ?
the other side of the coin [MLP index breaking above important moving averages],Joe, is, look what has occured after, on EVERY occasion, since the August waterfall. A case of lower highs and lower lows. That kind of a trend is NOT a good thing.
V-shaped recoveries like AMZ generally beg to be sold. Momentum ssems to be waning. If we don't clear 305-310, we'll just rollover. IMO.
ETP is dropping like a rock today, and I don't see any news on it. Anyone know why?
ETP was up about 10% over the last few days...backing-and-filling?
boy...lots of skeptics on this board. A bullish sign perhaps?
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