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Thursday, January 13, 2011


The market's unrelenting melt up and the corresponding MLP meltup has taken us to new all time highs on the MLP index. And this morning we were trading over 372 on the index this morning up 1.50 as of this post. Brietburn (BBEP) Exterran (EXLP) Legacy Partners (LGCY) and Kinder Morgan are the leaders showing nice fractional gains of 50 cents or more. Most of the group is showing a nice push higher. The overall market is basically flat. No news and no upgrades or downgrades this morning either. But one should point out that the Goldman downgrades a couple of days ago did nothing to drive sellers to the exits on Sunoco Logistics (SXL) or to TC Pipelines (TCLP) as both stocks were up the day of the downgrade and both remain higher. When a downgrade to sell doesn't send prices lower, you know the tail winds are very strong.

That said one has to consider that we have been up up pretty much on a straight line since the mid November bottom and mlps have broken out of their 2 month trading range. A pull back to moving averages should come at anytime but im not sure what the catylist will be to send prices lower. So until otherwise shown..the path of least resistence is higher.

Just finished the snow digout and its no fun doing it once a winter let alone twice. 17 inches this time as the NYC area looks like Buffalo.

At least the dog likes it!! He gets to bodyslide wherever he wants.

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