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MLPS Actually Went Down Yesterday
Posted on 03/06/2007 04:54 AM | Link | Post Comment
It actually started after the close yesterday when the S&P futures started to rally and this morning we're looking at a 100 point down open. MLPS actually sold off nearly 3 points on the index for the first significant pullback in the group since the market correction began. Still the damage was minimal really...just fractional losses and there were a few winners. The question today is whether the "flight to quality" money that came into the group last week comes out today or does the group rally with with the rest of the market. I think IF money comes out of defensive issues the GP stocks like ETE and VEH might be more vunerable than the MLPS themselves. We'll see on this. It could be that money just comes into everything. Also a strong open does not necessarily mean a strong close. We'll just have to watch the tape closely today.
Copano earnings hit the tape after the close last night and the company continues to roll right along. Remember a 2-1 split is coming soon. Martin Midstream Partners (MMLP) also put out earnings numbers last night and they seem to look good as well. No clues on these 2 in the premarket.
No headlines to speak of this morning and no upgrades or downgrades. So a strong tape is our lead this morning. We'll see shortly if we move with everything else or correct from last week's mlp flight to quality.
Copano earnings hit the tape after the close last night and the company continues to roll right along. Remember a 2-1 split is coming soon. Martin Midstream Partners (MMLP) also put out earnings numbers last night and they seem to look good as well. No clues on these 2 in the premarket.
No headlines to speak of this morning and no upgrades or downgrades. So a strong tape is our lead this morning. We'll see shortly if we move with everything else or correct from last week's mlp flight to quality.
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