Took a look at a few mlp charts among my own littered bunch and i keep seeing these basing formations forming and building. Not sure how much confidence if any to have in all of this but it its encouraging to see that some mlps have not gone down to make new panic lows and in fact among the distribution payers who have maintained those payouts; it looks like those lows might actually hold!
Meanwhile after yesterday's rally it looks like some buyers have shown up to make it the potential for 2 in a row. 7000 was tested this morning and we'll see if buyers can take it above there today.
Sort of a news free morning in MLP land so no real drivers other than the overall market. Buckey (BPL) and Oneok (OKS) lead the winners list up 2 point apiece. Plains All American (PAA) is one of the few losers down 40 cents.
joseph cioffi's Source Page - Associated Content
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The Fed is beginning to get real traction in pushing down mortgage rates. Freddie Mac's RNY required net yeild is down to 4.33%. Retail Mortgages are about .25%-.375% higher than the RNY.
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Next week there should be a surge in refinancings as Mortgage rates will be 4.75% or lower.
http://ww3.freddiemac.com/ds1/sell/sffrny.nsf/frmDisplayRNY?OpenForm
Here's the freddie mac link.
Also, there is "Rocket fuel" in the system, Margin rates are 1.5%, so a turn in market sentiment might well be a head spinning turn.
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