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Thursday, October 21, 2010


We COULD have a daily key reversal today (above yesterday's high..closing below yesterday's low) and a weekly key reversal is possible if we drop below 346 on the close tomorrow. Note of caution. Key reversals work better at the end of downtrends than at the end of uptrends. But a correction here to moving average support is overdue and no surprise really. MLP index is down 1.71 after being up 2. All market averages are now lower. Kinder Morgan (KMP) is down almost a dollar now and is leading the way lower. Enterprise Products Partners (EPD) remains higher by about a dime.

Btw the "heat map" on CNBC is another example of TV decending into ridiculous-ness.

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