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Wednesday, November 30, 2011


Central banks from around the world got together and orchestrated a one day rn ujp in stocks. The move is to get the banks working again in Europe. My own view given the hints of the last several days in the bond market was that someone out there was about to go under and the central banks had to do something to stop the blood flow at least for the time being. So the end of the world has been averted at least for now and the dow is up 400 points in relief as of this post..not too far off the +430 high of the day. And if the rally were really the beginning of something big, why is the 10 year yield only back up to 2.06%?

MLPS however are not doing much. The index is up a little over a point and while there are some individual moves like Williams (WMZ) which is up 1 and Atlas Pipeline (APL) also up one, most mlps aren't doing anything unusual. Kinder Morgan (KMP) is at another all time high in here as it nears 80 bucks. Sunoco Logistics (SXL) is down 2 but still over that magic 100 buck mark.

Last hour approaching. I would think with the Euro off its high of the day and bond yields not rising would be a reason for them to lean on this rally. 12000,1240 and 2600 all are psychological lines in the sand. Technically we are around or still below the 200 day in most averages. But its very hard to fight the tape. Overall we have seen the dow go from 12,200 to 11,200 and then back to 12,000 in 9 trading days. MLPS have been in a range between 360 and 370 during that stretch. At least its relatively stable somewhere!

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