TRADING RANGE DEVELOPING?

When you look at the mlp chart this morning one thing that comes to mind is the possibility that we have entered some sort of sideways consolidation. Short term 235 has held so it is logical for a trip back to 250 on the index to see if we can take it out. If we dont maybe its time for a bit of a rest. And going sideways in a 15 point range on the mlp index between 235 and 250 would not be a bad thing. Bear in mind i put this out there as a possibility, These are the sorts of things that you can see in hindsight but are tougher to pick out when they are actually happening.

MLPS opened higher this mnorning. We have oil and nat gas numbers out leter this morning which will drive trading as usual. In the news this morning Sunoco Logistics (SXL) is annoucing a pipeline purchase. Also this morning we have a secondary offering from Penn Virginia Holdings (PVG). None of the money is going to the company as they announced about a month ago that these are shares privately placed that are being sold. Not much else happening. Nustar (NS) is down again today. They have been under pressure since the 8k 2 days ago. It came out in the Barclays Investor Conference. Exterran Partners (EXLP) Martin Midstream (MMLP) and Magellan (MMP) lead a list of small fractional winners. No big moves so far this morning.