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Wednesday, November 19, 2008


Test and test and retest and bounce and test again. Endless torture when it comes to whether we're seeing a short or maybe an intermediate term bottom. Or is this another diving board.

Since bottoms are processes designed to frustrate both sides we can see its been successful doing that along with emptying a few more wallets.

The MLP index while not close to its 150 level intraday low from October might as well be there as a vast majority of MLPS are trading at junk yield levels of 20% or higher and have taken out those lows and thensome. Kinder Morgan (KMP) Nustar (NS) Oneok (OKS) are 10 to 15 points above their intraday lows and are holding up the index value. The fact is for the vast majority of mlps we are wandering through the wilderness.

Watch Hiland Parnters (HLND) and Hiland Holdings (HPGP) as the company put out 2009 guidance yesterday and whose CEO made comments on the unit price being at levels that do not reflect the company's performance nor its outllook. It will be interesting to see if this brings any bids in. The stock has dropped from a high of 60 to an 11 handle. The gp is down from near 30 to 5. Its a sign of the times and the uncertainty which has been taken to a bitter extreme. Missed this yesterday but Enbridge (ENB) is purchasing shares of Enbridge Energy Partners (EEP) which raises its stake to 27%. Can't be a bad thing.

I'm still recovering from a major crash of my computer and i was up until 1:30 am last night reloading for the second time. Just when i had everything done my anti-virus caused XP to crash and i had to restore everything from scratch. So i may be missing some news items and for that i apologize. I should get up to speed later this morning.

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