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About Me
- 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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3 comments:
Something is definitely not right in MLP land again. The relative outperformance we saw the first 2+ months of the year has stopped and we have begun to lag the averages. Either the averages have gotten fluffy and we are keeping to a base line, or something less sanguine is afoot.
I'm going to be really disappointed if in the next market downdraft we find that we are giving it all back - or worse, leading the market down. If we have topped out and are rolling over, we may lead on the downside.
steve
Steve...a few days of relative underperfomance may not be indicating anything other than a few days of relative underperformance. The index is still up over 11% on the year and only the nasdaq has just turned positive for 2009. Also it is end of quarter and the buckeye secondary weighed a bit on the index. Could be the mlp market is sensing more secondaries coming among the heavyweights.
Yes, you may be right. There is a very good argument for what you are saying. After all, the numbers don't fib. I'm sure all of us hope you are right. It's hard to keep from feeling burned over all this and that the next move just has to be down - as it has for the last 19 months.
The action in PAA, NS, NRGY and a few others is what has me concerned. I know that two of them announced offerings recently, but when I see the market up 175 and the AMZ flat, that concerns me. Those are the leaders. At least KMP was higher today.
Thanks for all your hard work.
steve
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