Well, I would say now it is very evident who the sellers were in that down spike and selling going on throughout June in KMP. They were short-term sellers/traders looking to buy the shares back at cheaper prices and traders putting on shorts. Effectively these two types of trading have the same result. Then on June 27 the traders started buying back....a classic short-covering rally. Also the overwhelming presence of traders was shown by the fact that so many days before 6/27, the opening bids would put the stock up, then limit sell/short orders would be triggered and the price would plunge from there. Only traders would put on such limit order action. This was a surprise for me because I just didn't think that traders/shorts would have such an influence upon the stock price. So much for the "stock price=efficient market theory." just not so and the same goes for mlps.
I read most of your posts and they sound like jibberish KMP has been trading for a long time, it acquired the assets of ElPaso; this is NOTHING like the IPO of FB. KMP shares usually decline in the summer with gas prices, then rebound again later.