Looks like 290-295 would be the next logical stop. Selling continues almost unrelenting...downtick after downtick. 297 is about to go.
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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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6 comments:
Yep, steady selling. It's odd but most of the trades are small blocks. Normally this would indicate retail involvement but MLPs trade so thinly that small trades may be the only way to distribute a position. It will be interesting to see what the MLPs do on Monday, the first day of Q4.
Well I've been buying and buying the last few days and my bullets are all now spent ... even went on margin a small bit as I think these prices are great. Just have to watch it go lower now! Have been buying MWE and LINE to add to my existing ETE (ouch), CPNO, & WPZ positions. Could ETE buy the rest of ETP as mentioned on the Yahoo board? Probably not given all their legal woes at the moment. Is La Nina going to crush NG prices and pipeline profits? Are the Democrats going to lump all LP's together in their effort to level the tax field? So much to worry about!!!
We seem to have come to a grinding halt at 297.11. Seeing some bids showing up in a few MLPS. Watching carefully.
Monday will vindicate my theory or trash it completely.
do you think news about us gov going after unpaid gas and oil royalties has anything to do with the market?
I think everyone is aware of the risk of congress looking into the tax structure so I doubt that is moving the stocks as of late. If there was a negative development on this front the move out of MLPs would be swift and decisive rather than the trickle we've been seeing.
i agree....the tax thing is old news...and not really revelant to this group. I still say its hedge funds from August sell orders that had to be in by 8/15 and end of quarter.
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