An amazing comeback for a few of these issues in the last 10 minutes. Eagle Rock (EROC) closed up nearly 2 dollars after being down 2 dollars all day long. Duke Midstream (DPM) traded down to 40 dollars and closed at 46. Atlas Energy Resources (ATN) was down in the 29 area and rallied to 31.65 at the close. Terra Nitrogen (TNH) was down to 66 and closed at 74! The MLP index was down to 281.77 and closed at 290 down just 6 points (i can't believe i said just!). I would expect the rally to continue tomorrow and the mlps that did not come back at the close today should make up some of that ground back tomorrow.
On alert for after hours news.
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- joewxman
- a meteorologist with a knack for trading and investing in MLPS! I also like horse racing, enjoy cigars and a good port wine.
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2 comments:
You have got to suspect that what we are seeing here is well-heeled funds moving out and then back into positions with no consideration of the underlying fundamentals. Today's insane action in EROC and DPM is testament to that. Was there any change to the underlying fundamentals of these companies that took place in the course of one day? Not hardly.
The slow, plodding upward trending MLP sector that we have grown to know and love may be a thing of the past. The hedge funds appear to be playing here now.
While I hate this crazy volatility like everyone else, this can present opportunity if you have the cash and stomach for it. I had a buy limit order in for MGG and it got filled at the low for the day. I locked in a 4.2% annual yield on my favorite GP and the price came back almost 8% at the close. I am still LTBH, but will pick up bargains when they present themselves.
i agree with you. These last 2 weeks have really taught me a lesson in not only volitility but that we have been "discovered" by others. We are no longer in our own little world.
That being said you are right about opportunities. I've be trading Terra Nitrogen which can be suicidal at times. I laddered in this morning at 70.75,69.25,68.05, and 67.00. It closed at 73.80 and am sitting on a very nice gain. This thing could be at 80 tomorrow or at 65; its that volitile.
Overall i think the bottom at 280 was tested successfully today and we should move back up over 300 on the index. There are lots of bargains out there for sure.
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