and you're still well underwater on your short, right.
As you know, my investments keep spitting off huge amounts of cash whatever is going on with price of oil.
And the Alerian MLP index is now back up to less than 2% off all time highs.
Q3 distributions announcement season just getting started.
Life is good.
P.S. Oil is at or close to record levels for the time of year.
"As you already know, my investments keeps spitting out huge amounts of cash'
Sorry wonder woman, I don't KNOW this. How would I?
"and you're still well underwater on your short"
I've already sold some higher then my last buy point and the rest is underwater but won't remain there. Lets not pretend that SCO is my only trade. I've been posting winning real time trades on the twitter, all documented. Lot more winners then losers. That's called capital gains that pay the bills.
P.P.S Don't forget to keep an eye on Cushing in tomorrow's report.
If it keeps dropping there will be a price spike at some point.
And with about 14 straight weeks of declines now, it looks like the current pipeline takeaway capacity will keep it dropping until WTI gets a premium over Brent.
Here's what Morgan Stanley just said:
Morgan Stanley Lowers Refiner Earnings Estimates By 25-40% for 2014
• WTI-Brent is set to not only narrow in late 2013, but WTI should trade close to Brent for much of 2014.
WCS-Maya could also narrow to pipeline economics (~$10/bbl) by mid-2014.
• Cushing will be structurally short crude for much of 2014 and needs to shut off outflows to rebalance.
• Gulf Coast oversupply will take more time allowing barrels to flow out of Cushing and push up WTI prices.
At the same time, Brent is likely to weaken into 4Q13 and 2014, weighing on WTI-Brent.
• Production should slowly weaken Gulf Coast pricing through 2014, but only modestly, keeping WTI bid.