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Wednesday, December 03, 2008

After a visit under 170 we've turned higher and the rest of the market is also higher after this mornings selloff which took us down 170 ish. The tape feel has been getting a little stronger especially in the face of Monday's sell off and all the bad news since. I'm getting the feel that much of what is going on may be finally priced in for the short term and that we are in a rally phase that could last awhile. Thats not to say we won't see big sell offs but watch the VIX index and volitlity keeps slowly coming in although it remains elevated. So sell offs could begin to get less fierce. Its bottoming and its process albeit an extremely frustrating and aggravating one.

MLPS are showing a mixed nature. Sunoco Logistics (SXL) Ferrellgas (FGP and Energy Transfer Partners (ETP) showing 1 point plus gains. Nustar (NS) Buckeye (BPL) Magellan (MMP) Oneok (OKS) among the fractional winners.

Losers include Atlas Energy Resource (ATN) Penn Virginia Holdings (PVG) Kinder Morgan (KMP) Hiland (HLND) Spectra (SEP) and Boardwalk(BWP) all showing fractional declines and in a few cases some large percentage losses.

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