Looks like we are going to breakdown from here as the we are at the absolute bottom of what looked like a base and has turned into another diving board. We're down 3 points and nearing 257. The point and figure chart target is 253
Alliance Resource (ARLP) is down 2 dollars and leads the coal mlps on the losers list. Constellation (CEP) now has a 10 handle down 80 cents. Resource MLPS getting hosed. Atlas Pipeline (APL), Williams (WPZ) and Markwest (MWE) all down major fractions.Sunoco Logistics (SXL) and Oneok (OKS) among the few winners today with fractional gains.
If its commodity based it is getting slammed. Of course we never participated in that rally to begin with. Energy stocks are the new financial stocks (i mean when they were going down day after day after day)!
joseph cioffi's Source Page - Associated Content
1 comment:
No other way to describe the action except slaughter. No reason for the MLPs to sink, but they are going to anyway...value doesn't matter for the sellers, they only care about survival now.
It is a viscous cycle as selling begets more selling.
Keep your powder dry and resist the temptation to buy "cheap" things. We are in a nasty bear market and everything gets mauled.
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