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Wednesday, August 03, 2011


After yesterday's 260 point debacle we're seeing the markets trying to hold in here this morning with the dow on either side of the flat line. Morning economic numbers were not that good but the market is so deeply oversold in here that a bounce is due at some point. MLPS are holding up well but opened down today and the index is down 2 1/2 points right now. Sunoco Logistics (SXL) continues to buck the trend however and is up nearly 1. Also up is Constellation Energy Partners (CEP) which is one of the last mlps trading as a penny stock. Earnings Friday and maybe there are bets being placed that something positive may happen soon on the distribution front. I just checked again and CEP is now down on the day. Didn't type and post fast enough.

Interest rates on the long end continue to move to new lows after yesterday's huge bond rally. At least from a relative basis it keeps MLPS attractive. Nat gas is a little higher and crude is lower as oil inventory numbers are due shortly.

Watch the tape carefully today as the struggle to gain footing continues.

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