MLPS START OFF LOWER HOWEVER?
Sorry for the late first post but i thought to myself, why suffer more pain when i could bike 20 or 30 miles...so i did that and got it out of the way. And now that the open is done and we've worked through the first hour noise let us sit back this morning and ponder some signs.
First off usually the big caps are the ones that turn first and later yesterday a few of the higher cap MLPS stopped going down like Plains All American (PAA), Teppco (TPP) among others. And this morning we are seeing small upticks in these big caps. Not much but at least most of them are no worse than even.
Second...We held the closing low by just a few ticks yesterday and we are probing below it this morning. So far the selling mommentum seems to be waining.
Third...what losses we do have this morning seemed to be relatively contained.
Now be advised that all this can get undone pretty quickly and there really isn't much support on the charts in my view. If we break down from here the intraday lows near 280 could be the next logical spot. All of this of course is my never to be humble opinion and it is subject to being completely wrong!
We're down 0.63 on the index around 290.40. In past days we'd be down 1 or 2 points on the index at this stage of the day. Atlas Resource Partners (ATN) undergoing portfolio blowout this morning down 1 and change. Natural Resource Partners (NRP) is down 75 cents and is also on the losers list. As mentioned before some small winner in the big cap MLPS like Oneok LP (OKS) . Atlas Pipeline (APL) is also a fractional winner as is Hiland Partners (HLND).
Legacy (LGCY) got an upgrade to buy from Raymond James this morning and it is also up a small fraction. Crosstex (XTXI) is up again and while all this has been going on...this one has been rallying and sits just below its 52 week high.
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3 comments:
EVEP up a bit on small volume. Real question is why some funds are shorting these names when fundamentals are so good. Are there fewer assets to provide growth? Not sure. Or they may just be trading or hedging while Goldman sells their protfolio (yes their alpha fund which has lost 40% past year needs to sell some of these winners).
wake me up when its all over.
There are a few -- precious few -- MLPs that have survived the latest storm relatively unscathed. One is EPD; given that it heavily weights the index indicates how badly some of the others have been punished. Two others are TCLP and perennial whipping boy USS with its other-worldly yield.
USS is nowhere near its August low. Does this mean there is little institutional interest? Or is it poised to make a long overdue runup to put its yield more in line with the rest of the world.
General partner ipos like AHGP AHD BGH ETE EPE HPGP NRGP MGG NSH PVG look good .The yields are lower but growth is stronger. Comments ?
Two ipos came out xco and enp. xco seems to have an 8.4 % yield based on a market wacth articel saying the distribute $1.40 per year.
Recent Ipo in mlp space rose 20 -40 % why have these not risen ? Comments ?
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