adbrite ads

Your Ad Here
Your Ad Here




Monday, May 23, 2011


Markets look ugly right out of the gate this morning as European woes dominate, the dollar is rallying, and crude oil is down over 2 dollars. Last week MLPS finished higher on Friday as the dow dropped nearly 100 points. The momentum from the dead cat bounced carried mlps from 347 to 366. We argued based on the chart action that 370 was going to be tough to get through and we certainly won't get there this morning.

The dow is holding support and we will be cutting through those rising moving averages this morning. Its uptrend is still intact. Rates are favorable here with the 10 year at 3.10% and the 30 year at 4.27%.

Enterprise Products Partners (EPD) is selling 4 million units of Energy Transfer Equity (ETE) that it holds to some interested principals so its not dumping the shares on the tape. Energy Transfer Equity is looking down at the open. No other news to speak of and no upgrades or downgrades. And there was much on the newswire over the weekend. Crude as we said is down however nat gas is up 5 cents at 4.27. It took awhile but nat gas rallied sharply on Friday and it could be that we are getting a seasonal move ahead of hurricane season? Just guessing on my part.

Enterprise just did a small trade down 1.33 while no trades yet on Energy Transfer Equity.

No comments: