The mlp index is up 1.41 at 298 and we continue to see uptrends and even some breakouts developing on a few charts. Penn Virginia broke out of a base in the 28 area and is up 40 cents to 30.63. Believe it or not Constellation Partners (CEP) is breaking out of a short term base as it is up 1 at 21.40. What is interesting today is that we are seeing strength in issues that have been under pressure lately due to rising oil prices. Cheniere Partners (CQP) is up 1 and change as is Calumet Specialty Products (CLMT). Teekay (TOO) is up 1 and change on the Wachovia upgrade.
EV Partners (EVEP) which was last week's big winner is down 82 cents as the biggest loser on the list today. Most losers are down less than 30 cents however and there are no news driven standouts.
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6 comments:
I have been going over some of the 13HF's for Q1 and here is some interesting data:
Fund Q407/Q108 Outflows
GPS -$309mil
Tortoise -$142mil
Swank -$335mil
Kayne -$653mil
Almost $1.4 BILLION in net outflows just from these 4 MLP dedicated funds in the first quarter of this year.
I think this highlights and may explain some of the ridiculous volatility we experienced earlier in the year.
The bigger question of course is why was the money pulled from the sector?
Mr. Pipes
This is not a bad day at all for the E&P's and for CLMT (up 10% in late afternoon). Maybe it's still the "family trust" buying up the remaining shares it announced last week, but in any case, it is welcome. I think CLMT has a ways to go yet.
CEP giving it back...Glory!
What CEP taketh away, CLMT giveth back, and then some. I'm long both, but heavier into CLMT. A nearly 20% gain is very welcome, puts me into the black on all but my first purchases just after the distribution cut announcement over 3 weeks ago. This is definitely a good MLP day.
TO Mr. Pipes
No idea what 13HFs are, BUT these funds (TYG,TYY TYN,SRV AND KYE) are closed-end funds so there are no cash in/outflows...just sales at lower or higher prices. Are you looking at some reporting on the investment company sponsors?
Dave
Dave,
The closed end funds are a small component of investment advisors listed.
The co's run hedge funds, pension funds, etc.
Mr. Pipes
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