2rDown to 266 on the index. The breakout move from 2 years ago has now been completely wiped out! I suppose it had to happen that they would finally get around to selling off the big boys as Kinder Morgan (KMP) Enterprise (EPD) and a few others are down 1 to 2 points. The smaller ones continue their decent.
Perhaps when they get to zero with an infinite yield...someone might find them attractive.
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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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5 comments:
PAA 1.2mil shares traded today-someone wanted out!
This is brutal...
We are either going to look back at this a few months from now and ask ourselves "Why didn't I load the boat?" or we will be broke in a few months...
I take solace in the fact that at least I am not the only guy who bought way too early (and I only started buying in December).
One thing worth keeping in mind is that bottoms are often immediately preceded by the slaughter of the "sole survivors" who outperformed during a period of widespread declines. The stock market saw steep declines in agricultural stocks and commodities today, while the AMZ saw the golden calves of KMP and EPD led to slaughter.
This is about the only sense that the S&P and AMZ have looked alike, but I am trying to find a silver lining...
Then again, it has been disheartening to see the MLP market tear the few outperformers apart over the last few days - it might indicate that the few names that have given decent returns are getting sold off as a lucky few investors wash their hands of this dreadful MLP tape.
For what it's worth....
I sold out of MLPs several days ago. I am watching closely for a reentry point, but I don't think we're there yet...
Excerpt from NY Times.
...biggest speculators in the commidities mkt are some of the same hedge funds, banks & brokers caught in the housing and credit mkts. As in those mkts, an evaporation of credit could force some of them - especially hedges speculation with lots of borrowed money-to sell off their holdings...
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