NGL Energy Partners LP (NGL)

[jugs]

I think I've figured it out!

And you're right in pointing out the voluminous number of units traded, more than even most institutional trades will amount to.

Yesterday it was announced that the Alerian indices were shuffling things around. This pulled NGL out of a mid-cap index and more properly (now) into a small-cap index. There are many institutions which operate on the basis of inclusion in various indices as permitted by their in-house bylaws.

I think, then, that what we're seeing is market-maker action as he arranges for a swap of sorts between institutions. This is the cross to which I referred, meaning that a buy and sell, combined behind the scenes, will amount to a reordering of ownership while not always representing much in terms of total unit value newly held..

One thing I like in all of this is that while things moved in an SEC-mandated orderly market, that, of itself, doesn't account for the trebling of normal volume. I'm thinking that inclusion in the small-cap translates into higher numbers of units a buyer can purchase, so long as the total ownership doesn't exceed a specific dollar percentage point. This is the sort of delineation I especially relish, to be perfectly frank. But I refuse to hotdog it, despite being on a roll.

Life is so tough when yer havin' fun, ain't it?