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Wednesday, March 30, 2011


The action so far this week in mlps has been a bit underwhelming but one has to be careful drawing any conclusions from this. The move from the 355 bottom 2 weeks ago seems to have co-incided with a 10% move up in the price of nat gas. Still we should keep our eyes open for any sign that the mlps are topping out short term. Support level still sits at 350 and the top at 380. Maybe we're getting ready for a trading range? Still it appears the momentum has faded here in this rally attempt at a new high in the last few days.

Stock futures are higher ahead of the open. Rates are a little lower with the ADP number in line. Nat gas was higher earlier..then sold off around 8am..and now is up 1% as we head into the open at 9:30am. MLPS are pretty quiet this morning with no news and no upgrades or downgrades. Crude inventories are out at 10:30am which will be a crude market mover.

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