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Tuesday, May 24, 2011

TUESDAY STARTS WITH A RALLY!



MLPS will be higher out of the gate this morning and we are already seeing bids above yesterday's close. It also helps that the dollar is weaker this morning and that has put a bid under energy stocks. Nat gas was up yesterday while crude was down and nat gas is up again today along with crude by over 1%. It could be that nat gas is giving mlps a bit of a bid today.




I made the chart bigger today so we can see the selloff and the prospect for a bounce back up to 370 which is where resistence lies. We need to get above that decisively to keep the uptrend going. And 350 is where i have been looking for the breakdown place which we crossed but bounced right off from.

No news this morning to speak of and nothing of consequence with upgrades and downgrades so far. Stock futures are up by about 40 dow points and rates are a little higher. So we start higher and then lets see if sellers come in and overwhelm or whether its a rally day where strength builds.

2 comments:

1a8f32be-860c-11e0-b676-000bcdcb2996 said...

Joel: Didn't you read the news on EPB and EP? Sounds like the MLP might be MERGED into EP and the planned "dividend" will be $0.60 per YEAR in the newly structured company. EPB currently pays $1.84 and is a top performing MLP, as you probably are aware. your comments on this?

joewxman said...

im not sure yet what all the implications are. Certainly its good for holders of EP. Will dig around some.