EARNINGS FROM BOARDWALK AND ALLIANCE
NATURAL GAS SHARPLY HIGHER THIS MORNING
AND OF COURSE WHERE TO FROM HERE?
As a rule i like down opens after big sell off days since that has the chance to wash out all the sellers. Not sure if that means a bottom but for sure the stock market is the tail waggin the mlp dog. The AMZ mlp index is selling off and coming back to the 89 day moving average and i would think we will touch it this morning at the open or perhaps even go through it. 325.83 is the magic number
Then the next level to watch is the 320 level where the last 2 short corrections went to before the last upleg and breakout to 340. The 144 day moving average is way down at 316 and a break to that level in my view would call my prediction of 370 to 400 on the index into serious question. But i will let things playout before calling an end to this fabulous bull run that began last October.
Meanwhile this morning some earnings news on Boardwalk Partners as it reports a nice increase in earnings and it also is raising the distribution by a penny.
Also earnings out this morning for Alliance Resource Partners (ARLP ) and Alliance Resource Holdings (AHGP). And we have distribution increases for those 2. Enterprise Holdings posts its numbers
and it continues to just move along although distributable cash flow is 1.0 times which i is borderline in my view. You would like to see it a little higher but you have look for distortions and Dan Duncan always seems to know what he is doing. Nothing on the upgrade downgrade list so far this morning.
The energy complex is down this morning with the exception of Natural gas which is rallying 16 cents as of 8:38 so UNG will open up at least 1 dollar this morning. Chart looks like its sold out so looking for a rally back at least to 44 where the 34 day moving average line sits right now.
While i've been writing my post stock futures have continued to strengthen so it looks like an up open now. Let see how they handle it.
