BULLISH INSIDER OPEN MARKET ACTION
I was doing some checking on insider action in the MLP group and came across some interesting things. Note that a Crosstex Energy LP (XTEX) director sold nearly 50,000 shares of stock last week which in itself is a little worrysome. Thats a huge chunck of shares to unload on a stock that is closer to its 52 week low than its 52 week high. But on further inspection note that at the same time this director made a huge insider purchase with those proceeds of 43,000 shares of Crosstex (XTXI) the gp of XTEX! So I guess the bet here is that XTXI will more upside potential then XTEX. Interesting move. Also some other insider moves as a director of Legacy Partners (LGCY) does an open market purchase of the stock. Duke Midstream (DPM) directors also are buying up stock near 52 week highs. and its 5 different directors buying which is bullish. Breitburn (BBEP) had an insider buy. Nustar has Mr Greely buying hand over fist for awhile now. So considering we are still seeing buying in the group after such a nice run up in the MLP index may be indications that higher highs are still ahead.
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