The RSI is now around 20, indicating very oversold. Of course, stocks can stay oversold (or overbought) for a long time. Also remember, each NRGY common share owns about $8 worth of NRGM shares. At this price, you are getting the propane business for less than $8. Not sure what the multiple is on their normalized EBITDA, but ETP sold their propane business for over 10 times EBITDA.
The correct trade was to sell the bounce after the distribution announcement. The market hates uncertainty.
You haven't seen anything yet. With the Dow hitting record highs and this pile of dong hitting record lows can you imagine what is going to happen when the overall market starts to correct? Are you able to identify single digits?
Anyway...hope you will make yourself available tomorrow to partake in the continued countdown to bankruptcy. I left off in the 15.60's. Should be able to knock off another half buck or so. Sub 15 come Friday's close.