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Tuesday, January 31, 2012


MLPS which have been pulling back over the last few days are a touch higher for now as 10 year rates push to 1.80 and look to challenge that 1.69 intraday low from last August. Meanwhile markets are setting up for what appears to be an outside reversal day. After opening 60 points higher the dow is now down 70 points on weak economic news. Chicago PMI is down to its lowest levels since last August and might be putting recession back on the table..

Still the dow chart says the uptrend is intact and the dow needs to crack below 12,000 to take out all the support levels we watch. So far now its just end of month profit taking and nothing more.

Enterprise Products Partners (EPD) and Kinder Morgan (KMP) are up about 50 cents apiece and make up for most of the gain in the mlp index which is also up about .50. Most mlps right now are either flat or fractionally lower. Inergy (NRGY) is back over 18 on earnings news which we knew were going to be light. The company pointed to a possible distribution cut last week which took the stock from 23 to 18.

Energy stocks are weak as a whole as Exxon earnings were in line but disappointing to some. Nat gas has stopped going up and is down hard today as it resumes its trip to zero.

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