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Friday, August 03, 2007

We've been in a 15 tick range for the last hour or so on the MLP index about 75 cents above the days low. Nustar which was down 2 dollars at the open is actually up 2 cents! Atlas Pipeline(APL) was down 2 then up .50 now down a few ticks. K-Sea Partners was down 3 and change but now is down less than 2. Constellation (CEP) is down 2 dollars even though it did announce a deal this morning. So i'm just waiting to see if the other shoe is going to drop this afternoon.

I've been building a postiion in Terra Nitrogen (TNH) which goes ex-distribution on Monday. This one has been sold down hard from 140 to 90 in a matter of days so i'm hoping they bounce it soon or the pit in my stomach is going to get pretty big!

2 comments:

Anonymous said...

The yields on the MLPs were too low as they have appreciated so much. It's not the first time that they have dropped so much.
As to TNH it is a seasonal company. Generally the dividend in the next quarter is very low and picks up thereafter. Peak dividends are in this quarter.
TNH is a very volatile stock.
A Canadian oil pipe company called Pembina PIF-UN.TO just raised their dividend; 20% in past 6 months. No MLP but pays over 8%. I added to that.

joewxman said...

It seems that the credit adjustments that have haunted other areas in the market have finally spread into this group. I know its not the first time they have dropped so much but it is the first big selloff since August of 2005.