Monday, September 08, 2008

Here comes the last hour. We are @ 260 on the mlp index and at the lows of the day. Coal and resource mlps are showing losses of 1 point or more and are the biggest losers in the group. Just a few mlps showing plus signs like Nustar (NS) Oneok (OKS) and Amerigas (APU) which are up fractions.

Its all pretty hopeless. The point and figure chart has a downside target of 252. Yeah the bottom of the base is still intact but we're not that far from there.

On the brightside...it ain't Fannie Mae!
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4 comments:

  1. Anonymous9/08/2008 3:02 PM

    It's grim...

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  2. Anonymous9/08/2008 3:05 PM

    The MLPs are just giving it up here. Nobody wants them. I guess when everything is yielding 15% maybe that will attract a few eyeballs. Its just discouraging owning these things. Fundamentally they make sense, technically we are in a wasteland.

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  3. Anonymous9/08/2008 3:23 PM

    Thankfully the Dow is +200, if we were -200 the MLPs would've been in real trouble.

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  4. Anonymous9/08/2008 3:39 PM

    Analysts oftentimes say a bottom is in when there is "capitulation".
    When our own Joe Waxman becomes discouraged, and can say nothing good about MLP's, I say there has been capitulation.If so, its up and away for MLP's.

    At least no MLP' s have lost their star quarterback for the year.

    ReplyDelete