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Week Thoughts: MLPs Streaking Higher on M&A Deals

|Includes: EPB, GLP, Kinder Morgan, Inc. (KMI), KMP

MLPs kept a lot of bankers, lawyers and investor relations professionals very busy last week in an explosion of M&A and strategic announcements.  Investors were busy digesting the deals and buying MLPs it appears.  For the week, the MLP Index was up 2.4%, and is on a streak of 10 straight positive days.  MLPs have now bounced 10.4% off the October 4th close.

The market backdrop was benign this week, even as the Euro drama continues and inflation data points from around the world tick higher.  The S&P 500 close 1.1% higher than last week, GLD was down 2.5% and interest rates were roughly flat.  MLPs continue to outperform other stocks year to date and since the market peak in late April.  It was refreshing to see MLP press releases matter more than global macro news this week…

As we continue to power through earnings season this week, expect MLPs to continue to outperform the broader market.  Quarterly results should be strong for gathering and processing MLPs in particular, but expect solid results throughout the MLP sector generally, although I’m still wary of natural gas storage and propane MLPs...

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