yes, i'm sure many got taken out today... check the volume, headed towards 4 mil on the day, will make this one of the top 5 or 6 volume days in the past 12 months... would love to know whats up?
odd action over at etp after the dip as well, up solid at current
Calm, please! You'd think the sky was falling. Someone wanted to sell 2 million shares. In order to make a market, they had to lower the price. Savvy investors will use it as an opportunity. Chill.
My guess is the combo of the mlp's being technically overbought - the charts do look extended - and some sector rotation. What spooked me for a minute was epd being down 5% with most of the others I checked down under 2%.
My guess is sector rotation by big money. Cyclicals are heating up and the price action offers more upside than sitting on 5% yield currently. All mlp's are heavily overbought and through top bollinger band. Technicals screaming for pullback to better levels.
If the whole sector gets hit, its rotation. If they were already oversold and this happened, you'd have something to worry about.