Over 215 and up 2.68 on the mlp index with energy stocks roaring foward today and the dow up 175. Holly Partners (HEP) Buckeye (BPL) Alliance Resource (ARLP) and Inergy Holdings (NRGP) all up 1 point or more. A mile long list of fractional winners today. And we have a few big percentage winners like Crosstex (XTEX) and Constellation Energy Partners (APL).
Only a few sit on the losers list. Linn Energy (LINE) is showing down 60 cents but it is ex distribution today and Nasdaq doesn't always do a good job of adjusting the change from the prior session so it is essentially flat on the day.
220 on the mlp index is certainly within reach now with this market and energy tail wind.
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About Me
- joewxman
- a meteorologist with a knack for trading and investing in MLPS! I also like horse racing, enjoy cigars and a good port wine.
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3 comments:
Joe (and anyone else). I love your optimism, hope it is well founded, and do not mean to rain on your optimism. That said, the following is meant more for the overall market than just MLPs; however, we know that MLPs tend to follow the overall market. Reviewing the 1-year chart of the S&P 500, I note what appear to me to be significant lows on 10/9/08, 10/27/08, 11/20/08, and 3/10/09. Each significant low is lower than the previous significant low, meaning to me that the test of the previous significant low was a failure (the previous significant low, or support, did not hold) and the ensuing rise was a bear market rally. I believe the market has to have a successful test of the low, meaning for now a test of the 3/10/09 low that does not go below the 3/10/09 low, for the new bull market to begin. Hope that makes sense. What say you?
Thanks,
JCarroll
PS: I am not a trained technical analyst.
First off let me point out that MLPS have been out performing the S&P by a huge margin since 1/1/09 and on that chart i think you can argue that that the mlp daily chart has a rather lovely looking triple bottom. It could even be viewed as a quadruple bottom if there is such a thing. This stuff is not rocket science.
On the S&p chart i could argue that the October 750 low held and that the 3/10/09 move was an exhaustion move that was unconirmed by a number of indicators including new 52 week lows.
I think that right now the market wants to rally and 9000 on the dow only brings us back to the 1/1/09 flatline.
That high yield chart i put up this morning is exactly like the mlp index. That has put in a double bottom and has broken out of its base. Thats the one we need to keep an eye on as far as mlps go.
Thanks, Joe. Repeating from above; I really appreciate your blog and your thoughts.
JCarroll
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