this stock has made HUGE gains this year and people dont expect MLPs to make huge gains for the most part, on top of it, they expect distributions. SO, that being said, don't think it crazy for a few sizeable hitters to sell and seal in some cap gains (especially such unexpected ones) to offset losses at the end of the year coupled with the cap gain fiscal cliff issue. in other words, relax, and if you are lucky enough to not already be chock full of CLMT portfolio wise, maybe consider BUYING some right now?
You are correct. I guess what is spooky is to see the stock price take a big dip on heavy volume when there is no news. It gets you thinking whether we're about to learn something negative. Of course, there's usually nothing to worry about; somebody with a big position just decided to take some money off the table. When the stock price rebounds, as it always does, then it's just a question of whether we had taken advantage of the buying opportunity.
and, fwiw, there are many on this board attributing selling to dividend worry via fiscal cliff, but clmt doesn't issue dividends. i've spoken with two people this past week who said they sold a not insignificant amount of stock last week because of the fiscal cliff. i read yesterday that einhorn pulled back on the long side too. i personally haven't, because i see no reason too. but if a lot of people do it, and that is what is happening, then the market goes down.
i'm usually out at the drop of a hat and timing has been my strong point (i got out completely very early in 08), but i'm not pulling out of the market or reducing this time. i believe that those who stay in and start buying are going to be handsomely rewarded. there is NO reason for the market to selloff other than monkey see monkey do style action.
Jaime, take a look at APPL, take a look at most stocks, they are all down. It is a MARKET correction and just because CLMT has declined along with the market is no reason to sell. Keep in mind the cushion of the distribution. These moves do not appear to mean anything regarding the company and its products. It is still the same!