Trade Ideas: MGG

The general market dive in the afternoon will likely see a "dead-cat-bounce", but over the next few weeks a test of the various indices 200-day MAs looks most probable. The Trade Ideas scan died when the selling began; although it wasn't exactly firing on all cylinders - 8 picks covered a time span of 85 minutes.

A couple of picks made it over the 20 appearance mark: Korea Electric Power Corp (KEP) and Magellan Midstream (MGG) came in at 21 and 27 hits apiece.

Magellan Midstream (MGG) managed a clean break of $23 resistance and hasn't fallen to the selling which has swept the markets this afternoon. It is close to clearing its IPO price earlier this year, thereby completing its base, and setting up a projected move to $32. The stock qualifies as a double top breakout on the point-n-figure chart (one of the first for 2007!), but as yet, no p-n-f price target. It pays a 4.2% yield.

Magellan Midstream Holdings, L.P. engages in the ownership and operation of Magellan GP, LLC, which serves as the general partner of Magellan Midstream Partners, L.P. (MMP). MMP engages in the transportation, storage, and distribution of refined petroleum products in the United States. MMP’s assets consist of an approximately 8,500-mile petroleum products pipeline system, including 45 petroleum products terminals; 7 petroleum products terminal facilities located along the United States Gulf and East Coasts; 29 petroleum products terminals located principally in the southeastern United States; and an approximately 1,100-mile ammonia pipeline system. MMP also provides inventory management services to various industrial end-users, marketers, and traders to access large storage capacity. Magellan Midstream Holdings GP, LLC serves as the general partner of the company. The company was founded in April 2003 as WEG Acquisitions, L.P. and was renamed Magellan Midstream Holdings, L.P. in September 2003.



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