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Monday, November 21, 2011

MLPS are down with everything over 7 points on the index. This puts the index right into the moving average support zone. So a break below 360 could be ominous here for the group but then again it would be in conjunction with the overall market anyway. The dow is down over 300 points as he head into lunchtime with the S&P and Nasdaq all down sharply and all important support has been taken out on all the averages.

Specifically among mlps, Alliance Resource (ARLP) and Sunoco Logistics (SXL) are both down just under 3 points. We have a long string of mlps which are down between 1 and 2 points. The winners list right now is empty.

Lunchtime has taken us a touch off the lows. It might get really ugly after 1pm.


Max said...

When everyone realizes the U.S. and the rest of the world CANNOT pay back the debt levels, there will be a worldwide crash and depression that will make the 1930's look like the good 'ol days.

joewxman said...

max, the market may be telling us that especially if we take out those october 4th lows.