Another week starts and things look very bleak when you look at the chart. We had a one day bounce last week and then spent the rest of the time selling off. That 262 low looks very tenuous however if energy stocks rally today we could at least hold it in here.
The broader oil and gas index is falling along with energy prices and it looks like support lies not too far below current levels. MLPS continue to get wagged by the dog of the day. When financials go down we go down..when energy goes down we go down. Some day we will seperate from all of this. I'm not sure today is the day. But some day.
Then of course the dow chart is a horror but the question is are we going to rally in here ala March to May or do we have more downside ahead of us. I think the low 2 weeks ago look and felt like a selling climax but one can never be sure.
Boardwalk Partners puts up earnings this morning which look pretty good but probably won't matter. One of the better performers in mlp land Alliance Resource Partners (ARLP) also puts up good earnings and a 12% distribution boost. Coal mlps remain closer to their 52 week highs but they also have come off. And Alliance Holdings (AHGP) of course benefits from Alliance Resource and they boost their distribution as well.
Nothing on the upgrade downgrade list. Crude is 1.50 higher this morning but that has become less meaningful as we are now in the land of bigger numbers. Nat gas is up 11 cents as it rebounds from what has been freefall lately. Stock futures are a touch softer this morning.
So we wait for the open. I am college shopping this morning but they have wireless so i will check in later this morning.
joseph cioffi's Source Page - Associated Content
No comments:
Post a Comment