MARKET DOWN BUT MLPS UP!
Thats a switch with the index building on gains since the open and its up 2 points while the dow is down 100. Energy is strong today with crude up 4 dollars so that is providing support. Also it appears the great hedge fund unwind has run its course; i say appears because you don't know what is out there but i guess last Thursday morning's blowout of the big stocks in the group may have signaled a bottom.
Late first post this morning as my vacation is winding down. Flying back on Friday so i should be back to normal next monday. Plains All American(PAA) which was up 2 yesterday is up 1 and change today and leads the way higher. E V Partners (EVEP) is up nearly 1 as the ceo picks up another large block of shares on the open market. Also a second insider picked up shares.
Tape overall feels a little better and certainly the outperformance relative to the market is encouraging.
joseph cioffi's Source Page - Associated Content
2 comments:
I finally pulled the trigger on EVEP. I found them attractive in the high 20s, so I watched the trip down and hopefully now we've seen the lows.
For anyone interested in the E&P sector, go find some of the EVEP conference calls. The approach these guys take is ultra-conservative, in stark contract to many of the concerns in this space. John Walker has been around the block a few times and this seems like the safest of the bunch with upside possibilities due to the recent price run-down.
Good luck to all.
evep ceo insider buy at 22..and another insider adds shares at 23.50.
if the sector has bottomed i think this one will lead the recovery.
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