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!
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About Me
- 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:
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.
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.
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