I believe that the recent weak price action is mainly due to the erroneous belief that the Fiscal Cliff will negatively affect the tax status of MLP's and has nothing to do with being overvalued. When taxes on interest and dividends go from the current 15% to something much higher...investors will be glad to be in MLP's.
it's not going to break 47.95 on a close, but thanks for the input. People don't trade this they own it, at least you shouldn't swing trade it. While it would be somewhat easy to play the swings knowing the price action, it would create a tax nightmare paperwork and math wise.
Crude production is up in the US, how do you move Crude around, it's not rockets science. We just need some more refineries for it really to pick up.