Steady selling pressure today (while KMP is green). Now that each shareholder of sun can determine how many etp shares they will get, I wonder if today's selling pressure is largely sun shareholders selling short which will be covered before the settlement date when the merger shares hit their accounts.
If so, just wait for the sun shareholders who are not sophisticated enough to sell short see the etp shares hit their account. Price is approaching 52-week low. Even the most ardent supporter must admit the price performance of etp lately has been dismal.
I TOTALLY agree with you on the pps performance...horrid at best. BUT...lots and lots of chances to get in and get a good yield, or drive down that cost base. The story is longer-term than most have thought...there will be a lot of digestion that needs to take place, as well as divesting of the gas station situation. Overall, ETP has major upside potential, and as long as you can gut out the short-term pps pain, I think you'll see $50's sometime next year.