Just placed an order for 200 ETP (on margin) which filled at $18.84.
Typically I'll work a batch of newish picks...four or five if I'm lucky enough to find that many attractive enough to warrant launching positions. As important as anything is being able to recognize "stock compression." This is what I call it when I'm privy to over-done market reaction to disappointment as happened with NGL in last year's early months and equally damaging to perceived value of EPD and ETP in addition to DKL and DK. An old "friend" is Helix (HLX) and I reopened a very small position in this one---just 300 shares for now.
My method in this madness is to select a group of promising picks, get some skin in the game and then start the arduous task of culling until I've reduced the original group significantly. What I require is inalienable proof that I've determined the picks I sense will be most productive for me. By placing some skin in the game I become part of the process afoot. By tracking results I get to personally experience, I get to become "as one" with the stock. By this I mean I learn and continue learning. My brain operates at its best when I am able to recognize layers of information leading directly towards a strong knowledge of essential factors that will have me going to sleep at night, comfortable that I've done my homework...and waking up in the morning---excited to see what, if any developments, have transpired during my time away from the real world. lol
This morning I reviewed my experiences with ETP. I thought about my cost basis, my mid-term expectations re. valuation, added up newsworthy events unfolding rapidly... involving the company's constantly changing and perhaps slightly reinventing itself in various ways I think will strengthen the company in any number of ways. When a company engages in the business of redefining itself so as to secure its grip on the sector involved and takes steps to preserve its relations with unitholders, I look more carefully.
As things are lining up for me, ETP is one of the "right" picks for me. At present my position is too small to mean a lot but I'm hemmed in due to having too much money allocated to other picks. NGL is NOT the culprit, by the way!
For now I'm holding just 2,200 ETP with a cost basis of $16.53. And I'm struggling as it is so very clear to me that this stock is moving into the $20-$25 range soon. I feel like the guy who is starving and there's a fully loaded refrigerator ten feet away but he can't get to it for whatever the reason.
Lustfully yours,
Jugs
