IS THERE HOPE?

Of course there is! There is always hope. And in bear markets is the eternal search for the bottom that never comes. Well we have been suffering 1 year into this mess and we are down 20+% on the mlp index. But in that eternal search we seem to be holding 262 and we have been also seeing big multipoint moves up and down since last Monday. That action tells me that at least a tradeable bottom has formed and we will be trying to perhaps take things back up toward 290 on the MLP index.

I actually was quite pleased with yesterday's action. The index had every reason to completely fall apart as it has so many times in these past many weeks and we finished with a 1 point loss. And it took a 200 pt dow sell off and a 3% loss in big energy and we still managed to close off the days lows. There were some smart upticks in price in a few issues yesterday as well. The big energy stocks are in sell off mode so perhaps we are beginning to see some sort of divergence developing.

So we will keep our eyes on this and lets watch the dow chart which also is behaving like we are in the beginnings of a trading rally. Where and how high it will take us i don't know. Also note that in the past important market bottoms have been made in the August to October time frame.


Friday's typically do not bring much in corporate developements. We had earnings last night and distribution guidance from Atlas Pipeline Partners(APL) and Atlas Holdings (AHD). All of this will be digested this morning. Also we had earnings from TC Pipelines (TCLP) and they were strong.

No upgrades or downgrades so far. Holly Partners (HEP) got an intraday boost yesterday from Goldman and UBS so the stock went from being down 2 to being up 2 in a hurry. So that turned into a nice trading profit for me that occured in a hurry. Sold it in the afternoon a little early but a profit is a profit and these days its been a tough find so you grab em when you can.