New All Time Highs Continue For MLPS

Yesterday was an astounding day really for MLPS and their General Partners (GP's). The index opended down nearly 3 points and then staged a huge rally and closed up 2 on the day and at new all time highs. And there were big moves in the general partners of Valero (VEH)




and Energy Transfer Equity (ETE)


which were both up 1 point or more. And why not since they both have yields in the 5% or so range and who wouldn't take a 5% annual payout in an enviornment like this? So when someone asks you how are you braving this correction show them this chart.

And then respond by saying...What correction? Of course they are probably looking at this chart and asking themselves why i didn't sell last week!

Now before we get too cocky here at some point if this selloff gets out of hand they will get around and start selling our group as well because when they have sold everything else and the market is still going down they will start selling the winners. But i don't think we're at that point yet. Also the good news is when they finally get around to taking down MLPS and their GP's it will be very close to the overall market bottom. They sell us at the end of a down move...not the beginning of one.

More selling will start today as stock futures are down about 60 points on the dow and 9 points on the S&P futures. Crude oil is flat to down slightly and bonds are up in flight to quality as the 10 year rate is down to 4.53%. So continue the same strategy of letting opening downswings as opportunities to pick of shares on the cheap.

No news this morning on the corporate front and no upgrades or downgrades. Markwest Energy LP (MWE) split 2-1 yesterday so don't panic...the stock was not cut in half.

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