Absolutely! Nobody could say it any better.
Based on guidance, the currently slated BOD-directed Q1 distribution and expectation that continuing distributions will be covered, I'm good with my position (3,000 units with a CB of $7.57).
While I'm ahead, it's certainly not especially notable except for the fact that I relaunched this position on April 25th or a week ago. So I'm up about $800. This is NOT secure in-your-pocket profit, however, as I was showing red briefly today.
This is a skittish market and I'm not thinking we'll be seeing any meaningful relief over the next week or two. Personally I don't buy into the go-away-in-May BS. I've had a couple of great years in which May was stupendous. While only a fool would suggest this will be a repeat of those spectacles, one never knows.
However, I'm being cautious because experience tells me that we usually don't get just one down day in a row. I came so close to adding some SDLP and even NGL today but you know what stopped me?
I didn't expect to see a strong swoon in SDLP, given that it goes ex tomorrow. I had figured it would probably climb at least 20 cents. When JPEP dipped, I thought about adding but then it strengthened so I did nothing---figuring that after it goes ex, the time might present itself---like next week or even next month.
It's looking to me like a lot of investors are not trusting this market and are reevaluating their positions daily. I'm calmer. lol
Today's luck won't be over just because today is. I expect more of the same tomorrow. Today cost me $11,000. SDLP and JPEP will grab some of my dollars also due to their going ex. This is life in the fast lane. I'm glad I sold some NGL when it soared as I have some powder for one or more of these picks ex-Distribution.
