Breakout! MLP Index Breaks Through 300

Yesterday's 2.50 tight trading range went out the window when MLPS took out 299.54 and ran up through 300 and closed at 300.25. So it looks like another upleg has begun here on a short term basis. I have put up the daily weekly charts here of the MLP index. I have pointed this out before and its worth repeating.

As far as the daily chart right above i would like to see confirmation today with another up close and decent volume action in the group

Note the weekly chart shows us up for the last 5 months since the rally began at the 255 bottom. Also note the last rally that took the index up 50% from 190 to 270 lasted over 1 year. So the long term chart action would suggest we are not even half way on this move. The last upleg was 50% so if this repeats we 're talking 400 on the MLP index. If we're talking in terms of points then we'll see 330-340. Either way it looks like we have more upside left.

Markwest Energy and Markwest Hydrocarbon are looking to do some sort of restructuring. This news actually hit late Wednesday evening and both stocks we're up nearly 3 points each yesteday. No guarantees from the management but both stocks are up huge. Markwest Energy (MWE) is up from 40 to 63...and Markwest Hydrocarbon (MWP) is up from the mid 20s to the low 60s in the last 5 months. And don't forget 2 distributions and 2 dividends that both companies increased substantially!

Plains All American (PAA) came out with earnings last night which looked good. They also bought an LNG storage facility. This may be priced in already so if the stocks sells off a touch it would not be a surprise as some others have done recently(DPM,WPZ). We're not talking much of a drop.

No news this morning in upgrade downgrade land. Crude oil is down slightly this morning as is natural gas

1 Comments:

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posted by lgqieytf cfansy @ 03/09/2007 14:52:00

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