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Wednesday, May 23, 2012


Euro woes dominate the tape and markets are looking at the exit doors and using it. The dow is down 180. We have the S&P index below 1300. The mlp index is moving right along with everything else and the index is down over 5 points and just above last weeks' lows. Barrons Online (no subscription  needed) had a blurb about mlps and their behavior last week and it pretty much sums up the problems here. We have falling commodity prices, shrinking margins, and euro fears. In the end Europe is driving the tape and if the selling gets ugly..people will sell what they have. These days they have a lot of mlps. And i would slightly disagree with the perspective of buying the big boys in mlp land right here. If the sell off  gets ugly, they are overowned and will get sold down pretty hard. The good news however is that when a rebound comes (im an optimist)..they will run back fairly quickly.

Plains All American (PAA) Kinder Morgan (KMI) and Suburban Propane (SPH) are the biggest losers here down 1 point and change on each. The index just hit its lows of the day...down over 6 points.

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