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Thursday, February 03, 2011


The ex distribution cycle for MLPS is underway and thats going to cap some upside over the next week or so. Still MLPS are hovering near all time highs. Also hovering near a breakout is the yield market as the 10 year is at the magical line in the sand of 3.50%. I have been arguing (endlessly it seems) that this is a critical level. But let me put it another way. If the break above is not met with a rotation out of MLPS and other interest sensitive stocks, then the bull has full control!

High stock prices are met with secondaries and Global Partners (GLP) is selling some shares and the stock is down 1 and change in the dilution. Eagle Ford reached a deal with Anandarko (ADK) and this impacts Kinder Morgan (KMP) and Copano (CPNO) as they are part of that particular trinity. Other than those 2 items, its a quiet morning. The mlp index opens down 1.30 and the dow is down 12 points so far. The yield on the 10 year is at 3.53% as it breaks out to a new high. Jobs number tomorrow.

We have nat gas firm ahead of its weekly inventory numbers. They are out at 10:30am.

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