Well we got the opening pop...a pullback and now we are at new highs for the day up 4.20. Not exactly unexpected with the overall market doing what its doing and in the context of a V shape rally as we have had several of those along the path of destruction of mlps..as mentioned this morning. But its better than down 8.
Eagle Rock (EROC) is down 20 cents right now and off its low. The stock sold off from an up open this morning. The only thing i saw was this sec filing which is concerning a late filing. I don't see anything here that is news so if that is the case the reaction may be just due to the fact that its a late filing and these guys do this all the time anyway. EV Partners (CEP) and Constellation Energy Partners (CEP) are both down over 50 cents...why i have no clue. You can sense my frustration here as i own all three.
Otherwise everything today as far as gains go seems to be in the context of yesterdays decline as we have gotten at least 1/2 of it back on some MLPS out there.
Now its all about the fed at 2:15pm
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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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4 comments:
I own some CEP. It seems ridiculous at 17.25. Yield is 13.05%
Nice price action post-FOMC. Let's hope it holds up. We could use a few up days...
mlps should do fine in the long run yields to t-yields keep getting wider
Something I've been keeping my eye on is the two MLP `venture capital' closed-end funds KED and TTO. Both have significant exposure to EROC, but if you line up the 6-month charts of all three you can see that neither fund is tracking the downward plunge of the latter.
You'd think that if the MLP sector was in serious trouble, the first place money would be exiting is from the riskiest, low cap partnerships where these funds are very exposed. But since January, these presumably speculative CEFs have been holding up quite well compared to their buttoned-down brethren at the very same firms (Kayne-Anderson and Tortoise).
The relative stability of KED and TTO is more evidence to me that there is nothing wrong with the fundamentals in MLP-land. It suggests that money is being pulled from the more visible partnerships for reasons other than what is happening in the underlying business.
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