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Thursday, December 16, 2010

Down nearly 3 points on the MLP index at 350 with a dip down to 349.60 a little while ago. Most of the group is lower. Energy Transfer Partners (ETP) is the biggest loser down over 1 and we have a whole slew of mlps down major fractions like Penn Virginia Resources (PVR) Oneok (OKS) Magellan (MMP) and others. It appears to me that mlps are going into a corrective mode here that could possibly take us down to the 200 day moving average. That is at 325 today and rising. Would be a 10% pullback from the highs. The key i believe is to watch what happens the next time bonds rally for a day or two. If mlps continue to sell if bond yields correct a bit..then the likelyhood of a trip down to the 200 day increases.

Just a few winners today moving up pennies and nothing to write home about.

1 comment:

rlp2451 said...

PVG/PVR is down due to them buy some assets from Beegly LLC in KY and TN to the tune of about 100 million. Supposed to close by the end of first quarter 2011, before the merger of PVG/PVR takes place.