Not much new here as the selling continues. Nothing out of hand but we seem to be heading down toward that 290 low (AGAIN). Seems like they are rotating the sellers from day to day and E V Partners (EVEP)leads the way down 1 and change. Wachovia's nudge to Genesis (GEL) is doing nothing here..down almost 1 point.
On the winning side Penn Virginia Holdings (PVG) is up 1.45 as the biggest winners. Otherwise the few winners on the list like Boardwalk (BWP) Holly Partners (HEP) and some others are only up small fractions.
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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:
This is just mindless tax loss selling. The pressure should abate by the end of the week. In the meantime put your shopping list together and start nibbling on 7%+ yields in an environment where the FOMC will continue to ease.
IS ANYONE BUYING ANYTHING???
Not so sure it is just tax loss selling. Remember there is an enormous equity overhang. Plus, if we are headed toward recession, commodity prices could slide and many MLP's do have varying degrees of energy price exposure.
Bruce
I think the "overhang" effect is overbaked. Many MLP's have no plans to issue additional equity nearterm, yet there is stock price pressure. I think the reason is guys who paid too much for secondaries and got giddy paying too much for IPO's are dumping them and taking the hit to offset the tax man.
Equity overhang affects the entire MLP market, not just the specific MLP's subject to equity issuance. It is a question of supply and demand and the universe of MLP investors is only so big.
Frankly, I hope you are right because it may mean that the end is in sight. But, unfortunately, hoping doesn't make it so.
Bruce
Let's be honest-the market environment right now just sucks...MLP's are not immune, but the yield should help us absorb some of the punishment.
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