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Tuesday, November 18, 2008

In some of these big reversal updays we've had lately strength usually starts in one area and then eventually builds and spreads out to others. The tape has that feel that it wants to go higher this afternoon but given how little it would take to cause a breakdown i'm being cautious. Still the dow is up 140 and @ 8420. It would go a long way technically if we could take out yesterday's high around 8600.

MLPS are languishing for now with the index down 2 points. No big losers but lots of mlps down fractions to major fractions. Very few mlps showing any gains and what few there are up are only up small fractions.

There is a general maliase on the mlp tape today...no interest really in either direction. Lets hope for a move this afternoon. Energy futures all down. Even stupid Sudanese pirates can't resurrect this sad market. Gasoline futures at 1.17 which gives just about everyone a 1 handle on gas and low 2's on heating oil very soon.

7 comments:

SHK said...

Joe:

I don't share your optimism about the tape. When I look at my own portfilio of MLPs, I see them consistently bidding below the last trade, and sometimes asking below the last trade. It feels very heavy to me. It feels like if this general sloppiness in the market continues today, then we will have another hard down close.

SHK

Unknown said...

The Dow has sold off, S+P500 and the Nasdaq 100 as well.


The response to every news item, good or bad is to sell the news.

Maybe there's the fear of a great depression if the Big Three Auto Makers fail.

Maybe it's just fear.

Anyway the market is telling us that no dividend or distro is safe, and any company with debt is at risk for bankruptcy .

HS

HighEnergy said...

It's funny how Joe eliminated anonymous postings to help curtail all the gloom and doom postings yet here they still are. ;-)

jcarroll1948 said...

Referring back to the previous post; a general comment about insider trading (like most, I have no idea if Mark Cuban is guilty or innocent, and he certainly has the presumption of innocence). Without enforcement of insider trading laws, small investors, like most who read this site, would be at a greater disadvantage than we are. I applaud the SEC for their efforts to stem insider trading.

Unknown said...

Highenergy,

I'd much prefer to post more positively, but I have to call them as I see them.

I'm a generous fellow, I want all Americans to do well.

I know that markets can be irrational ( I hope this is the case now ), but with BAC under 15, C under 9, GE under 16 it's hard not to believe that there isn't something very wrong.

HS

SHK said...

I don't think Joe meant to eliminate gloomy posts, just the whiny, why-me? kinds of posts. The fact is, it's a very negative environment we find ourselves it so it's hard to find something positive to say that really means anything. OTTH, I am CEP is only down 1.6 cents today.

steve

Unknown said...

Here's a positive post,

Today we broke the pattern of selling off 300 Dow points in the last 45 minutes of the day.

It's too soon to celebrate a turn in this market, but this is a good sign imho.

HS