WILL TODAY BE EIGHT/280?
Shooting for 8 up days in a row and 280 on the mlp index. This has occured in the face of crude just ending a 9 day losing streak and nat gas rallying to 11 month highs! Nat gas is off just a touch this morning and crude is higher ahead of 10:30am inventory numbers. MLPS are getting chased by year enders starved for yield. And dont forget mlps are up 57% year to date and a total return closer to 67%! And if you were in the right mlps you could easily be back to pre 2008 levels! What collapse?
Okay this morning we have no breaking headlines in MLP land and no upgrades or downgrades. Stocks are opening higher as we chew through data and the fed decision later today.
And here is the MLP weekly chart where the moving averages continue to cross and it appears on this chart that 300 on the index is not out of the question.
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