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Friday, June 24, 2011


Yesterday's action from a technical standpoint was very impressive. After being down 200 the dow came back while Nasdaq rallied 17 points higher. And MLPS were a particular standout being down over 6 and coming all the way back to the flat line plus a few ticks. Still the mlp index remains under the moving averages.
This all comes after the stupidity of the IEA releasing oil from the Stragetic Petro Reserve with the sole purpose of getting President Obama re-elected. Okay yes i said it. It was all politics. Why would you release the oil when crude was already dropping at 95 and not release it when oil was 148 in 2008? All this oil gives us a short term goose in the price but anyone want to take the side of the trade that oil will be lower in price 6 months from now? And all that oil sold at 90 is going have to be bought back one day. Any bets that it will be bought back at a higher price than it is today?

News this morning on the battle for Southern Union (SU) as Williams Partners (WPZ) is offering an all cash offer for Southern Union which tops the offer from Energy Transfer Equity (ETE). Lots of news stories on this so i put it all on one page for you to access. SU is up 5 bucks
ahead of the open. Not often we get to see battles like this in the MLP group. No other news and no upgrades or downgrades.

Stock futures are a little higher this morning. Crude has just gone from lower to flat and nat gas is a few ticks higher. Rates remain under critical levels; under 3% on the 10 year. The dollar is flat to a few ticks lower on the Euro.

1 comment:

Max said...

Bernanke admits he doesn't know shit . . .