I just briefed through the short interest on ETP. We are now at 2,792,048 shares 1.01 days to cover (11/15/2012). The last time we were at this level was 11/15/2011. We went up from $43 +- to roughly $50.00 in Feb of 2012 until it started to fall. Of course then there was a peak $51.00 after some acquisitions in May and has fallen to about where we are at today.
I believe were looking at this one breaking out for the next 3-4 months before settling down somewhat.
THere is absolutely no reason for ETP to move at all until they make some announcements about either consolidation or completion of construction projects. The monthly movements are mostly subject to commodity pricing (actually little reason for that as correlation is very low), the fiscal cliff and tax laws (idiotic as partnerships are not going to be banned as there is little short term taxes to be raised and long term there would be cost), or hedge funds putting selling pressure to take profits this year (that one likely to put more pressure on ETP before YE 2012).
A breakout? Wonder why? Good Q4 numbers and progress on RGP and holdco will likely put a higher support level, but a breakout? Would that not require a bit longer track record and a distribution increase? And yes, I am very happy waiting for that to happen and collect my distributions.
And last, you always have the fear factor that interest rates will spkie. The would not be good for MLPs as alternative investments would then be more attractive in comparison.