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Its Friday...employment Numbers...rising Energy Prices...otherwise Its Quiet Out There.
Posted on 12/08/2006 06:17 AM | Link | Post Comment
18 degrees in NYC this morning but once this cold air pulls out there is no cold air to speak of for the next 10 days. Nonetheless energy is up sharply this morning as oil is up over 1 dollar on production cuts...nat gas slightly higher and stock futures higher as well. No corporate developements and no upgrades or downgrades.
The MLP index had a down day yesterday, a rare event lately as this daily chart shows its been straight up
A pullback of some sort is in order but as i mentioned earlier this week when you are in a bull trend trying to buy in is very difficult and trying to figure out when the pullback comes is even harder. If you are looking to take new positions but just can't bring yourself to pull the trigger i would suggest looking at the 34 or 55 day moving averages as logical entry points in pullbacks. Its not a full proof system by anymeans. In the case of Markwest Hydrocarbon which has been in runaway upside for the last 2 months buying in at lower prices has been nearly impossible. Still there are opportunities that could pop up quickly.
I'm putting these up as examples and not necessarily recomendations although i will tell you that i'm looking to get back into both RGNC and LINE for a trade. Regency has been in a sideways to higher pattern for awhile and has had an orderly correction. If you look at the chart this is a stock that on occasion likes to trade down to the 34 to 55 day moving average. I would lay buy orders in between those 2 areas...and ladder the prices. In otherwords buy some at say 26.01...some more at 25.81...and some more at 25.51. Notice i don't use round numbers because everyone else does.
Markwest above is not for the faint of heart as its almost parabolic. Same strategy applies here. If it pulls back to the upper 30s i would be interested.
LIN Energy had a down day yesterday. A trip to the 25.50 area and i would back up the truck on this one. However its uptrend is not only strong but its preannounced January distribution of 2.07 annual says this one should be trading near or over 30 based on the yield alone. So i may buy if it drops to the mid 26 area instead of waiting for a trip down to the 34 day moving average.
Again these are just examples and not recommendations that come with any guarantee. The open is coming..the 10 year rate is now flat and stock futures have sold off.
The MLP index had a down day yesterday, a rare event lately as this daily chart shows its been straight up
A pullback of some sort is in order but as i mentioned earlier this week when you are in a bull trend trying to buy in is very difficult and trying to figure out when the pullback comes is even harder. If you are looking to take new positions but just can't bring yourself to pull the trigger i would suggest looking at the 34 or 55 day moving averages as logical entry points in pullbacks. Its not a full proof system by anymeans. In the case of Markwest Hydrocarbon which has been in runaway upside for the last 2 months buying in at lower prices has been nearly impossible. Still there are opportunities that could pop up quickly.
I'm putting these up as examples and not necessarily recomendations although i will tell you that i'm looking to get back into both RGNC and LINE for a trade. Regency has been in a sideways to higher pattern for awhile and has had an orderly correction. If you look at the chart this is a stock that on occasion likes to trade down to the 34 to 55 day moving average. I would lay buy orders in between those 2 areas...and ladder the prices. In otherwords buy some at say 26.01...some more at 25.81...and some more at 25.51. Notice i don't use round numbers because everyone else does.
Markwest above is not for the faint of heart as its almost parabolic. Same strategy applies here. If it pulls back to the upper 30s i would be interested.
LIN Energy had a down day yesterday. A trip to the 25.50 area and i would back up the truck on this one. However its uptrend is not only strong but its preannounced January distribution of 2.07 annual says this one should be trading near or over 30 based on the yield alone. So i may buy if it drops to the mid 26 area instead of waiting for a trip down to the 34 day moving average.
Again these are just examples and not recommendations that come with any guarantee. The open is coming..the 10 year rate is now flat and stock futures have sold off.
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