Monday, November 21, 2011
MLPS are down with everything else...off over 7 points on the index. This puts the index right into the moving average support zone. So a break below 360 could be ominous here for the group but then again it would be in conjunction with the overall market anyway. The dow is down over 300 points as he head into lunchtime with the S&P and Nasdaq all down sharply and all important support has been taken out on all the averages.
Specifically among mlps, Alliance Resource (ARLP) and Sunoco Logistics (SXL) are both down just under 3 points. We have a long string of mlps which are down between 1 and 2 points. The winners list right now is empty.
Lunchtime has taken us a touch off the lows. It might get really ugly after 1pm.