Monday, June 26, 2006
Still a bit of split day as the AMZ MLP index is basically unchanged. Markwest is up 1 and change at 41.95 as it prices its offering of 3 million shares. Looks like this was long discounted by the market over the last 8 weeks. Emergy Transfer is up a fraction along with a few others. Down today Crosstex LP which dropped 1.70 at one point but has now rallied back to -40 cents. Copano is also lower by 70 cents, Teppco and Sunoco Logistics are down major fractions.
I've mentioned that the end of quarter brings about some weird price action. Last end of quarter Markwest LP (MWE) jumped nearly 3 points in the last 20 minutes of trading. Crosstex LP (XTEX) did the same. My guess is there has been a lot of naked shorting of some of these and the end of quarter brings with it short covering into a thin float so the stocks move sharply. I would expect similar moves in the stocks mentioned above. Also Atlas Pipeline (APL)might bounce and Valero LP(VLI) might be eligible as one that might have room to move. Regency Partners (RGNC).
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