It's slightly below what I was expecting but by just a nickel. I hadn't forgotten there was turn-around work to be completed (maintenance,) hanging over from Q2 but my brain failed to factor it.
In view of the crazy CVRR debacle released earlier today, we are certainly doing spectacularly well. And I may be able to explain the last-minute drop we experienced today as the session closed.
Day traders close out positions at day's end as we all know. Many will hold onto gainers with stable momentum covering a profitable day plus a day or two more. ALDW has shown impressive positive momentum of late as mentioned here before.
Given that CVRR disclosed sour news just this morning, I'm thinking short term traders may have jumped ship, fearing the morning would present similar guidance, killing profits made earlier this week. Remember that day traders rarely get overly involved in fundamentals. For them it's usually more about probability and trends built of the prevailing positive or negative momentum bias. It's another way of saying they may not know or understand the company or its associated areas of focus.
Those of us longs see and understand far more. And I'll have more to say later regarding what today's announced distribution means longer term and how it must and most definitely will impact on our unit price.
Tomorrow should give us something to smile about.
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