Archive

Week Thoughts: MLPs Push through IPO and Gas Gluts

27Jul
Even as natural gas prices continue to plummet (-4.3% this week to $3.78), the Alerian MLP Index edged slightly higher this week.  Utilities were down slightly, while the S&P 500, oil and 10-year US treasuries finished the week almost exactly where they started.  A solid macro backdrop and low interest rates, combined with solid early earnings results

MLP Week Thoughts: High Grade for Kinder

20Jul
MLPs drifted higher this week, with a slight pause on Thursday when the broad market sold off, sending the volatility index (VIX) up 32% from Wednesday to Thursday.  For the week, the MLP Index finished up 0.9%, slightly ahead of the market (S&P 500 +0.5%), and well ahead of utilities, which were down slightly. Natural gas prices have declined

MLP Week Thoughts: Short Shallow Summer Slide

13Jul
Between the end of last week and the beginning of this week, the Alerian MLP Index had 4 straight negative trading days where it declined 3.0%.  The index recovered 1.0% Wednesday to Friday, to finish the week down 0.6%, slightly ahead of the S&P 500.  The Equal Weight MLP Index was down twice as much as the MLP Index, which means smaller MLPs on

MLP Week Thoughts: Patriotic Pivot?

05Jul
MLPs had an up and down week.  The Alerian MLP Index was up 1.1% Monday and Tuesday to a new all-time high, then down 1.4% Wednesday and Thursday to finish the short trading week down 0.3% overall.  Positive jobs data pushed interest rates up in the back half of the week, putting pressure on all yield-based securities, particularly utilities (UTY was down