a blog dedicated to the discussion of MASTER LIMITED PARTNERSHIPS and the day to day news related to the group...along with perhaps a few other things...as long as the conversation is kept civil. Although i have no problem telling you what i am doing regarding my trades...PLEASE DON'T ASK ME WHAT YOU SHOULD DO REGARDING WHETHER TO BUY, SELL OR SHORT!!! i am not in the stock business.
Friday, May 29, 2009
Closed at 227.05 which beats the early November high by 3 points as the dow rallies up 96 points at the close. This has got to be end of month stuff going on here but the path of least resistence is higher. A pullback could come at anytime of course and i will evaluate Monday's trading to get some clue as to whether we correct back to the 210 area (which is where the rising moving average support lines are) or do we run to the next level which is 240 on the MLP index.
PAA, NRGY and TPP all broke out of trading ranges and closed above them today. MWE and LINE continued moving higher after breaking out earlier. Friday closes are important indicators of investor willingness to take more risk with their money. Higher Friday closes on breakout prices are even better. Have a great weekend!
ReplyDeletesteve