I like what Ron Insana said that the fed said a lot of nothing for a lot of different people. Confusion. Sounds Hawkish to me and it might take a few hours for the markets to react appropriately. Dow was up 100+ then finiancials weakened in the last hour. JPM went negative briefly but its back up again. Dow up 10 points.
MLPS off the lows as they rallied almost back to dead even as big energy rallied back as well but then came the sputtering and its back down about 1 point. Natural gas was down quite a bit today and under 13 bucks so nat gas mlp plays taking some hits. Constellation Energy Partners (CEP) is down fractionally. Linn Energy (LINE) is also down a fraction. Alliance Resource (ARLP) is down 2 plus points as the biggest loser.
No standout winners in the crowd either as we see a few mlps like Atlas Pipeline (APL) and Martin Midstream (MMLP) up small fractions.
Island reversal fans on Oil should note that we did not get one today however we are set up for one tomorrow if we get a gap down open and see selling accelerate from there. There is always hope.
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- joewxman
- a meteorologist with a knack for trading and investing in MLPS! I also like horse racing, enjoy cigars and a good port wine.
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4 comments:
The only people who don't see inflation are the Fed govs. Its unreal how blind they are to reality. Do any of these guys actually buy any food or goods? We are practically experiencing hyperinflation, yet all is well in Washington. What a load of nonsense.
Fed Up
BPL block at the close pushes that name up.
To Fed Up:
Ben is in a no-win situation. If he tightens to fight inflation, the banks get creamed and many dont make it. If he loosens, then inflation continues to gallop onward. So... he just talks tough and does nothing, hoping for something good to happen.
Mr Bernake faces the choice between probably the 2 biggest mistakes ever made in monetary policy. If he tightens he could repeat the mistake of the 1930s. If he loosens he could repeat the mistake of the 1970s.
I suppose if you had to choose id take the 70s as the lesser of the 2 disasters.
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