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Monday, June 13, 2011


Monday morning brings us some firmness in markets pre-open and mlps had a nice finish last Friday with a 2 point gain..while the dow was down 170+ points. I don't think it changes the short term downtrends we're in but it was an interesting divergence. I think MLPS benefitied from the move higher Friday in natural gas and that has put a tail wind behind many nat gas mlps.

The dow chart looks like it wants to head down to 11,700 which takes us back to the March low and if that doesn't hold perhaps we need to head back to the November low of last year which is down around 11,000. All the focus seems to be on the weak (ening) economy which is driving prices lower so until we see evidence of something different, the path of least resistence is down. For mlps there seems to be some relative strength here short term so we will watch to see if the gains of late last week get undone. 350 is still the magical place.

No corporate news this morning on the tape and no upgrades or downgrades. Oil and nat gas are lower ahead of the open while stocks and interest rates start a little higher.

By the way i turned on the settings for mobile devices so you can now look at this blog on a mobile device in a clean why. Let me know how it looks.

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