CHARTS ARE A MESS!
Its ugly out there as commodities and crude continue to see the air come out of the bag. And they took it out on MLPS yesterday as we saw 8 points come off the index or 3+% and we are just above that 262 level that has held before. The damage yesterday was extensive and we wait and see this morning whether we decend even further or put in another reversal in here.
The weeklu chart takes us back to the breakout in 2006 and if you draw a line across 262 you can see it takes you just above those breakout points which why this level is so important. Stock futures are strong this morning pre-open and i guess the mystery is will we follow the overall market and bounce or will we follow what the rest of the energy stocks do in the face of falling oil and gas
Those big energy stocks have been in free fall on the Dow Jones Oil and Gas index and there is no sign of a bottom here nor are there any signs of a bottom on the crude oil (USO) or the natural gas charts (UNG) which follow below.
The USO has broken support and is under 120 on cride this morning. And natural gas has aboslutely crashed as we are now at 8.50 on nat gas.
No corporate developements this morning. No upgrades or downgrades so far either. More ex-distributions on the tape this morning so at least those (very high) yield checks continue to at least cushion this although losing 10% to gain 2% for a quarter is hardly a way to get ahead as several of you have pointed out in your posts.
So we wait for another day of torture. Maybe the strengthening dollar will bring money into the group. We can only hope and pray. I think the action in mlps truly show us just how broken the credit markets really are.
joseph cioffi's Source Page - Associated Content
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Magellan Midstream Partners Announces Record Quarterly Financial Results for Second Quarter
Generates 54% Higher Net Income, 34% Higher Operating Profit than Previous Year
Not that anyone cares...
The meltdown continues.
It would be nice if we had one piece of market intelligence. Is a hedge fund blowing up, is lehman dumping, is kayne anderson having liquidations?
SXL opened yesterday at 51.60, opens today at 46.46. This market is a fraud.
HEP -6% already today.
PAA loses 2-3% every damn day. No news. No events. No nothing.
I guess issuing a press release, saying that you are going to release earnings now warrants a selloff.
I thought NS was suppossed to BENEFIT from lower crude prices. When crude was going up everyone complained that margins were going to get squeezed and profits would suffer. Now crude is falling and NS is falling. What gives?
The volumes in the MLPs is a joke this morning:
PAA -1.50% on 12,000 shares
SXL -1.25% on 7,300 shares
WPZ -1.20% on 2,900 shares
HEP -5.30% on 5,000 shares
MMLP +4.17% on 100 shares.
Glory!
Anyone looking at volume in MLPs today? Nothing is trading. The largest volume I see is ETP with a little more than 50,000 shares.
Another day in MLP hell. Dow +150 and MLP's are falling apart.
We can't seem to catch a break.
EVEP daily price moves:
low 24.79 high 27.74
yeah this is a real market...
Under what scenario do these bags of dog feces actually go up?
APL trading at a 4 year low. That's right people, go back to 2004. Good thing you get that 10% yield to make up for the destruction of wealth created by the morons who run the LP.
S&P +1.40%
AMZ -0.60%
MLPs are for losers.
Its so nice to see the DJIA rally for 200 points while we get slaughtered in MLP land.
The "morons who run the LP" ?
Excuse me....
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