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Record Earnings...Citigroup Speaks (will anyone listen?) and Crude verses Energy Stocks?
Posted on 10/12/2006 08:21 AM | Link | Post Comment
Good Morning.
Some news this morning as we begin with Ferrellgas Partners (FGP) which announces record earnings this morning and a stock offering as well. This is one that i don't pay close attention to but one view of the stock chart above suggests that i should have.
Citigroup is on the horn this morning as it starts coverage of Atlas Pipeline Partners (APL) at a buy. Its chart has been in a tight range but it illustrates that holding this stock over the past year has been a pretty good thing.
Meanwhile crude continues to sell off and while it continues to head lower, energy stocks have stopped going down.
a href="http://photos1.blogger.com/blogger/6412/1286/1600/crude.2.png">
And note the natural gas stocks have held up far better than natural gas itself.
So where do we go from here. My head tells me that the oil inventory numbers today will cause crude to rally from here unless they are really really bad. I have a tendency to believe that the stocks are offering a positive divergence. Its less clear with nat gas because i've yet to figure out how that works, especially in regards to MLPS. Most mlps have little exposure to price and the ones that have some exposure seem to have a good handle on how to hedge correctly. So i think i boils down to 10 year rates which have been moving sharply higher back to 4.80%. So far the spike from 4.54% has had little impact on MLP prices. Stock futures are higher so we'll revisit after the open.
Some news this morning as we begin with Ferrellgas Partners (FGP) which announces record earnings this morning and a stock offering as well. This is one that i don't pay close attention to but one view of the stock chart above suggests that i should have.
Citigroup is on the horn this morning as it starts coverage of Atlas Pipeline Partners (APL) at a buy. Its chart has been in a tight range but it illustrates that holding this stock over the past year has been a pretty good thing.
Meanwhile crude continues to sell off and while it continues to head lower, energy stocks have stopped going down.
a href="http://photos1.blogger.com/blogger/6412/1286/1600/crude.2.png">
And note the natural gas stocks have held up far better than natural gas itself.
So where do we go from here. My head tells me that the oil inventory numbers today will cause crude to rally from here unless they are really really bad. I have a tendency to believe that the stocks are offering a positive divergence. Its less clear with nat gas because i've yet to figure out how that works, especially in regards to MLPS. Most mlps have little exposure to price and the ones that have some exposure seem to have a good handle on how to hedge correctly. So i think i boils down to 10 year rates which have been moving sharply higher back to 4.80%. So far the spike from 4.54% has had little impact on MLP prices. Stock futures are higher so we'll revisit after the open.
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