Don't even set up stops. The whipsaw will stop you out of your shares. So far, $29.60 held. Whoever was shorting had twice tried to break below that....so, it is holding for now. Keep at least a portion of cash on hand in case it might go lower. Monthly distributions pay begins July, just had to hold on. Once that is in, the shorts need to pay out the distributions on a monthly basis, and that should keep them at bay from taking short positions for too long period of time.
Most Oil/gas MLPs are up, but LINE. Again on a no news day. So, I think it's safe to say that some hedge funds have an interest in seeing LINE botch the Berry deal for some undisclosed reason - hence the vicious takedowns. Let's see how much further they will push this thing down, when come July, these same characters will have to shell out 10% yield....or higher if they can manage to go even lower. The lower they push it, the more they have to pay up.
I understand Hedgeye had a big bashing session on Tuesday. We likely will be hit every day this week and that is not withstanding the FED impact on Wednesday. FT is now posting headlines about FED easing its buying pace (perhaps just to help another hedge fund manipulated DOW down from its early day highs). Should be a crime for all this yellow journalism based on speculation but SEC endorses it to make market makers happy so they can take out stops at whatever price they want.