MARKWEST STOCK OFFERING &
A NAT GAS REVERSAL

When your stock price goes from 7 to 20 its a cause for happiness. If you are a shareholder that held all the way down from 40 to 7 and back to 20 you are half as sad. So after the nice rise its time to use the price increase to sell shares. And that is exactly what Markwest(MWE) announced yesterday so look for a drop in price today.

Meanwhile the MLP index got most of Wednesday's loss back with a 3 point plus gain as 240 looms just above here. We're the leaders so no reason why we can't get there unless the market completely falls apart in here. Unemployment numbers due out at 8:30am will set the tone for today's trading.



Nothing else is on the corporate news list this morning. On the upgrade downgrade list we see no entries yet but i would like to point out that Duncan Partners (DEP) was downgraded from buy to hold by some small firm. The stock opened down 1.75 under 18 and closed over 19 and up on the day. 2 things to take away from this. When tape action like this occurs its telling you that the anal-ist downgrade is probably wrong. And number 2 is if you are nimble enough you can pick up dumped shares at a bargain at the open as some reflex sellers dump into a vacuum.



I'm putting up the nat gas chart this morning to review yesterday's action where we opened higher..traded down on the nat gas numbers to the prior week's low and then closed just 2 ticks off the high of the day. It looks to me like we are building a complex bottom and if we trade above and close over 16 today it would constitute a nice reversal on the weekly charts as well. Right now i think we are bounded by 13 at the bottom and 17 at the top until proven otherwise. But yesterday's action to me was technically a good sign for the next few weeks.

I'm not working today so it will be normal posting action!