MLPS have extended their gains thanks to Kinder Morgan (KMP) announcing a new purchase that is accretive. The stock is up 1 and change and at new all time highs. The dow is off the highs up 78 points as of this post and of course guess who covered his short with the dow up 110? Sunoco Logistics (SXL) hit 100 at the high of the day. Its still up but has pulled back off the high.
Any bets that now that im no longer short that the market is down at the end of the day?
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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:
Joe. Misery loves company. Seems like whenever I buy a stock, it immediately goes down. Sometimes, if I really like the company, I will double down and get a little lower average price. C'est la vie! Back to the casino; think I'll sell a covered call option.
JCarroll
Joe - this is a very dangerous market. I bought several materials stocks 4 weeks go with the intention of a 2 -3 year hold. They promptly ran up along with a 1000 point gain on the DOW (which I had not anticipated). I placed some tight stop/losses and got and got stopped out. They dropped some more and now, with today's rally, are all up again. It's nuts. Now I'm in the camp that the market is "rigged" by the HFT and the Bernie Madoff's and their ilk. The little retail investor just gets screwed.
Max, wrong approach. Buy MLPs for long-term income, don't pay attention to the price trends. Think of them as apartment buildings where the tenants want to keep paying higher and higher rent. Why would you want to sell an asset like that?
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