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Boardwalk Partners Gets Downgraded, But Do Downgrades Matter?
Posted on 02/02/2007 04:54:00 | Link | Post Comment
Its Friday in what has been a very a very eventful week with oil at $52 bucks one minute and $58 the next; Nat gas from just under 7 dollars to just under 8. MLPS comtinue to move along with only minor corrections along the way. The ex-distribution cycle continues and usually you see a sell off for a few days as each issue passes the record date. So far however there has been very little selling.
This has also been a week of anal-ist downgrades on a few MLPS. Earlier this week Goldman cut Calumet Products (CLMT) and yesterday Wachovia cut Atlas Pipeline (APL) and there have been a few others. However the cuts haven't really done much to knock down prices. Any selling has just been met with more buyers. So the market is telling us that even higher prices are coming and the rally will continue. This morning Boardwalk Partners getting cut to hold from Citigroup. Yesterday Boardwalk was up 1 and change to a new all time high at 36.50.
No other breaking news so far this morning. The overall market will take its cue from the employment numbers which will tell us whether the 10 year yield rallies to take out 4.90 or do we continue to fall through to 4.75% or lower.
Meanwhile in probably the most important fact when it comes to the certainty of global warming the glorified rodent in Pennsylvania has not seen his shadow so an early spring is coming
This has also been a week of anal-ist downgrades on a few MLPS. Earlier this week Goldman cut Calumet Products (CLMT) and yesterday Wachovia cut Atlas Pipeline (APL) and there have been a few others. However the cuts haven't really done much to knock down prices. Any selling has just been met with more buyers. So the market is telling us that even higher prices are coming and the rally will continue. This morning Boardwalk Partners getting cut to hold from Citigroup. Yesterday Boardwalk was up 1 and change to a new all time high at 36.50.
No other breaking news so far this morning. The overall market will take its cue from the employment numbers which will tell us whether the 10 year yield rallies to take out 4.90 or do we continue to fall through to 4.75% or lower.
Meanwhile in probably the most important fact when it comes to the certainty of global warming the glorified rodent in Pennsylvania has not seen his shadow so an early spring is coming
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