Lets see...down 8 days in a row. From 274.28 to 242.93 or a loss of 31.35 points or about 12%. Aren't you glad you didn't buy tech stocks, financials, and any other group because you have this relatively stable collection of distribution paying stocks? Don't you feel better everytime you look at your portfolio value and enjoy the fact that its just shrinking away. One of my accounts is down 25% just this week! God i feel happy!
Beautiful chart isn't it. And bear in mind kids that 240 is important support that goes back to 2005 and if that goes there is virtually nothing underneath to hold us to the 190 level which takes us back to 2003 or so. Now i think that a break of 240 would mean there is some sort of catastrophic event looming among one of the big boys. I'm not saying that's going to happen. I'm actually saying that i find it really hard to fathom that area of support breaking without something major to tie it to.
Now to Lehman. Eagle Rock Energy Partners (EROC) at one point traded down to almost 10 bucks and down 2 and change before recovering. Lehman owns a huge block of Eagle Rock (EROC). Volume was over 3 million shares or 30 times normal. Was Lehman selling? If they were they would have to file with the SEC as a large stake holder. No filing so far.
RBC is actually raising the target price on Copano (CPNO) to 51 bucks or nearly a double from here. Good luck. Energy is higher this morning as IKE heads straight for rigs and refineries. Not much else going on this morning. No other corporate developements.
Finally this is the cry being heard throughout mlp land.
joseph cioffi's Source Page - Associated Content
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