Well, ETE came out and said they will try buy WMB whether or not WMB cooperates or not. I do think you are right that ETE cannot really offer anything less even if PPS drops. There were some interesting fireworks with the healthcare stocks and the takeovers there that did not pan out for traders/speculators. This is a different industry as you know.
So assume ETE reiterates a $64 offer or both companies announce that deal. I would think a purchase today would look like a good buy after the dust settles.
Did you buy today or are you just wondering?
When the dividend can't support the share price it is easier for management to cut it. I would not touch any oil company except maybe Exxon when the dust settles. I think alot of these smaller companies will sell to the majors eventually.
Always bet against the doomsayer as the one time he will ever be right wont matter that you are wrong.
With respect to NGL, I agree it is oversold if the price action is mainly due to the price of propane. I also agree that technical analysis is less important with micro-cap stocks. I do like the fact that NGL is diversified. I also see good value in the midstreams as opposed to other energy companies as demand for energy is growing so companies that make money moving energy around should be doing better.