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Tuesday, September 19, 2006

MLPS start the day lower being weighed down by a 1.50 loss for Oneok Partners. Some news last night after the close seems to be the driver here as the company settled a rate case and agreed to a 5% rate reduction, and this morning we had a shelf filing to sell additional securites. Natural Resource Partners is also down another 75 cents after losing 2 yesteday as it continues to feel the sting of a downgrade.This has the MLP index down 75 cents which is off the days lows.

The XOI index is trying to bottom here but I wonder if it will hold. Certainly an arguement can be made for a run back to 1000 on the XOI where some support exists.
Meanwhile here are charts that are showing potential breakouts to the upside. Energy Transfer Equity seems to be in breakout mode an a move to 30 seems in the cards.

Also a the top of its chart is Copano Energy although i'm less confident on this one since its been holding this area for awhile and there has been no big upsurge in volume.

So overall a negative start but nothing catastropic. The 10 year yield drop today on good PPI numbers bodes a positive for a better close.

I'm having problems posting charts so as soon as that problem is rectified i will add charts

2 comments:

Anonymous said...

PAA going to best Q3: Armstrong also noted that the Partnership expects its third quarter results to exceed the upper end of guidance provided on August 1, 2006 and that a large portion of the incremental 2006 expenditures associated with the Phase VI expansion at Cushing are anticipated to be funded with cash flow in excess of partnership distributions.

joewxman said...

Unfortunately with money coming out of all things energy it hasn't done anything to the stock. Still the day is young