And now that the band aid is in place we have room for a reflex relief rally and it could be a sizebale one. When you drop 2000 points over a matter of weeks without any meaningful bounce...its time for a meaningful bounce. I would expect MLPS which actually bottomed last Wednesday to perhaps lead the charge higher. And we have some news this morning on Regency Partners (RGNC) which echos what Energy Transfer Partners (ETP) told us last week. They are also raising guidance for the rest of the year and its above the top of their prior range. Also this morning news from Quest Energy Partners (QELP) which closes a deal, gets an asset drop, and ups the distribution. Should be good for both stocks.
No upgrades or downgrades this morning so far. Crude oil is down over a dollar this morning. There was a Barrons piece this weekend which points out that with oil at 145, the value of the known reserves is greater than all of the worlds stock markets combined! Sign of a top? Stock futures are sharply higher at the open but we'll see what happens after that. I would suspect there will be one or two attempts to take em down and test the resolve of the bulls.
joseph cioffi's Source Page - Associated Content
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