MLPS HOLD ON TO GAINS AS MARKETS REVERSE
2PM yesterday afternoon the market began a reversal which ended with the dow going from plus 160 to minus 7. MLPS went from plus to plus 3 and change. The lemmings are running around this morning saying this may not be good. No shit sherlock. I however am thinking that 900 points in 5 trading days is a pretty big move and a pause was in order. If markets can hold in here we could still have some upside ahead of us so i am remaining hopeful.
No news this morning. Caught this item on Atlas Pipeline Partners (APL) that Moody's is mulling a downgrade. A stroke of brilliance there. Plains All American (PAA) is doing a public offering of shares as they take advantage of a relatively high stock price. When your stock trades for 37 bucks a share and you sell a few million units you can raise a nice piece of change. 5 millions shares coming to market.
Crude staged a reversal of its own yesterday from down 2 to up nearly a buck by days end. Off a few pennies this morning. The tone in this market to me is turning increasingly bullish. Not much else going on this morning.
I have some school stuff going on later this morning and working this afternoon so i shall check in later.
joseph cioffi's Source Page - Associated Content
2 comments:
KYN cut their dividend from 0.50 to 0.48. Previous guidance was that they would maintain through 2009.
Here is a link to an article on our favorite billionaires:
http://tinyurl.com/dxmr2z
Of interest to us MLP fans, "Energy magnate Dan Duncan retained his spot as the richest Houstonian, but saw his net worth drop dramatically to $5.9 billion from $7.9 billion a year earlier after energy stock prices fell off a cliff in mid-2008."
Guess things are tough all over.
JCarroll
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