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Tuesday, October 09, 2007

Up 2.89 and a few ticks off the highs of the day as we have run now from 290 to 304 in 3 1/2 trading days. Nice 1 point moves in Buckeye Partners (BPL), Energy Transfer (ETP) Nustar (NS) and Alliance Holdings (ARLP). Oneok LP (OKS) and Williams (WPZ) also up nearly 1 point.

I've noticed some slow bleeding today in Crosstex (XTEX) and Linn Energy (LINE). It isn't so much that they are down hard. Its more like a stream of small sales along the way. Looks like someone has been liquidating a position. However Linn has now turned higher so it could be that its just a matter of the selling to play itself out. We're at that time of year when some big holders may be closing out positions for the year. Mutual funds for example need to clean up their books by 10/31.

1 comment:

Anonymous said...

I was going to post about Linn earlier - I agree with your analysis and think there must be someone with a liquidity issue. The fundamentals seem strong, I expect shares are worth closer to 40 than 30. Time will tell.