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Wednesday, August 10, 2011


Frankly this is a remarkable day so far. First off we have yesterday;s 600 point hour and 15 minute rally was completely undone this morning and now we are heading for yesterday's intraday low around 10,600. The feel of the tape is that if that level goes..then get ready for a fast collapse to 10,000. MLPS meanwhile undid the sell off of Monday and then some yesterday with a 25 point gain and mlps are up strongly today up nearly 4 points on the index. E V Energy Partners (EVEP) knocked the cover off the ball with terrific earnings and the stock was up over 5 dollars at one point this morning. The stock is off the high and still up 4. MLPS are getting attention thanks to a 10 year at 2.15%. And think about this. The fed has told us that we are going to have low rates or no rates for 2 years. This makes a 5-7% mlp yield extremely atttractive.

Okay we are up with the dow down 400 plus points. If this selling gets really out of hand i would think mlps will be taken down with them later today. At least we know that for mlps the 310-320 level has become the line in the sand. Btw lots of 1 point plus winners are on the list this morning from Sunoco Logistics (SXL) to Buckeye Partners (BPL) to Atlas Pipeline Partners (APL). There are some losers today including Transmontaigne (TLP) Inergy (NRGY) which got an RBC target cut and Amerigas (APU)...all three showing fractional losses.

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