Rally continues or one-day bounce?

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A blog dedicated to the discussion of MASTER LIMITED PARTNERSHIPS.

Rally continues or one-day bounce?

Posted on 09/14/2006 08:55 AM | Link | Post Comment

Good Morning.

On the assumption that we've made a bottom on Monday, reversal Tuesday and rallied Wednesday..will we resume the uptrend today that began in the AMZ MLP index back in late June?

I guess the first goal is to take out the 258 level and get back above the 34 day moving average. I still think that with the favorable rate enviornment we should challenge or even breakthrough the 275 all time high level.

Meanwhile some individual stocks to look at today. We'll start with Regency Partners (RGNC) which i thought was getting ready to take off a few weeks ago.

The stock held the 89 day moving average although it was it bit annoying that the stock did not rally yesterday with the rest of the group. Still the stock seems to be performing in line with the group and i still think this one could break above 25 on the next up-leg.

Energy Transfer Equity continues to stil just under its breakout point and also did nothing yesterday. A dividend increase announcement should come any day and if it is not priced it, we could see this head for 30.

Please note that interest of disclosure i am long RGNC and ETE.

This morning its quiet in MLP land...no breaking news and no upgrades or downgrades to speak of. Crude is higher for the second straight day 10 year rates flat at 4.76%.

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