Markwest Energy (MWE) bottomed in 2008 under 6 bucks AND more importantly never cut the distribtution back in the meltdown. The brave among you have enjoyed a 9 fold move plus a nice payout along the way. They have done everything right. This morning the stock is down on an equity offering but the company is going to buy out the rest of its Marcellus Venture from its partner.
The stock is down 1.70 pre market but with mlps being the star performers, its probably another buying opportunity in the longer term. This of course assumes that the world doesn't come to an end.
MLPS did pretty well yesterday losing less than a point with the dow down 160 on...drum roll please....EUROPE! Since we continue to be tied to the hip with the Euro i thought i would put up both the S&P chart and the Euro chart.
While both markets seem to be moving together, the almost tick for tick connection has only be a relatively recent relationship and who knows how long that will last. The moves from day today continue to be back and forth but the VIX is now under 25 which is probably telling us that the next few weeks with Christmas probably means that the market swings will be a little less mind blowing and volume continues to dry up. Famous last words.
This morning's open pretty much undoes yesteday's losses which undid Friday's gains which undid Thursday's losses. MLPS opened up and are still looking to decisively clear the 375 level. Crude is up. The Euro is unchanged after being up earlier. Bulls are frustrated. Bears are frustrated. And we have the Fed today at 2:15pm.