Yesterdays action as bad as it was still is above the so called base we've been building on the dow industrials. And as far as the MLP index is concerned we are still doing quite well. The index is up 23 points or up over 13% since January 1st. The dow is down about 9% in that time frame so thats a 22% outperformance. And we have a distribution payout coming in a few days and thats priced in so add another 3 to 5% depeneding on your holdings to calculate total return.
Its one of those morning s where we don't have any corporate news items yet but Plains All American (PAA) will be posting earnings after the close. Crude is up a little this morning as we see oil pretty much trading with stocks and the economy. Gasoline continues to trade higher and is completely out of whack with the crude price. I don't know if that is signaling a bottom in crude but gasoline continues to move higher. Something has to give somewhere.
I of course occasionally put up blogs or web sites that i suggest you visit and here is another one to bookmark on your list. Its Jay DeDapper.com. Jay is a terrific reporter and has a nose for politics that i think you will find interesting. He also will be added to the blog roll! This morning he has perspective on treasury along with some great stuff on news items of the last few days. Go there!
joseph cioffi's Source Page - Associated Content
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