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Friday, December 12, 2008

Getting whipped around today as the market see saws...well off the lows down @ 8350 and way off the overnight dow futures which were down over 300. Meanwhile MLPS were down to 174ish and that rallied back over 180. Now at 178 as of this post and will continue to move with the dow. Last hour ought be interesting as usually but if we can manage to close with nothing worse than a small loss it might be that a good tradeable bottom has formed.

Hiland Holdings (HPGP) and Hiland Partners (HLND) both continue to disintigrate as it is become increasingly clear that there are distribution troubles here based on the stock action. Both stocks showing fractional losses and sinking further in single digit land. Losers are shedding mostly 1 point or less but some stocks showing bigger percentage losses than others. Winners also contained at this point.

3 comments:

Bruce said...

I'm starting to worry about MWE,too.

Bruce

joewxman said...

next 2 1/2 weeks we have tax loss selling pressures; not that there is any of that this year!

Bruce said...

I wonder if most of the selling isn't already over. I think the bigger issue over the near to mid- term will be energy prices. If we get nat. gas in the $4-5 range for an extended period the G&P subsector and some E&Ps are going to have to cut their distributions. Now THAT will be ugly!

Bruce

Bruce