“Tension on the Tape” Continues–Update

UPDATE–ETP has announced a new preferred unit offering–more to come.

For some that are much younger than me you may not recognize the phrase “Tension on the Tape”.

This phrase was used in the olden days to describe a fictitious (in my opinion) building of tension between buyers and sellers. Supposedly the bulls and bears are battling it out and no one can gain the upper hand–a tug of war of sorts. This is supposedly resolved when the “tape” finally breaks and we have a major move in the marketplace as the tension releases. I can recall the talking heads on the old Financial News Network saying “tension on the tape” all the time–back in the 1980’s.

Right now the SP500 is off .3% while the 10 year treasury yield is 1/2 basis point lower at about 2.59%.

Anyway I don’t think there is really any tension, but it certainly appears that an event of some sort will come along soon to change the minds of investors out there–right now to us it is fairly ‘goldilocks’.

Now if you are holding any of the Washington Price preferreds it isn’t goldilocks as their losses from earlier today have accelerated lower. The WPG-H issue is off $2.23 right now on big time volume (for a preferred stock) of 232,000 shares right now.

The GasLog Partners preferred are now down 2-3% in sympathy with the common units. My best guess is they will bounce back within a few days–we have them on the watch list for a potential quick trade in the next week.

The biggest preferred volumes today are in the Energy Transfer Partners preferred units. The 7.375% ETP-C units are off a little over 1%. The 7.625% ETP-D preferred units are down over 1% as well. Both issues have traded around 500,000 shares.

15 thoughts on ““Tension on the Tape” Continues–Update”

  1. Just posted to Rida’s WPG recommendation article; as I am truly tired of these “”professional” writers on SA that are clueless…
    The blind leading the blind; was the 0.014 per page view worth leading your flock to slaughter?
    And yet it moves, a Nomad
    Apr 17, 2019. 05:02 PMLink
    Deep Value And 18.5% Yield From Washington Prime – Rida Morwa

  2. Wow, WPG-H is having a worse day than the CBL preferreds. And that is hard to do since they generally lose 10% every day, lol.

      1. P, traders wont get competition from me in this sector (or most for that matter). I “stay in my lane, Bro” for items on my list, and just stick to “the list”. And that generally also includes the new IPO list. Yes, I leave some meat on the bone, not buying but it keeps me away from being tempted to buy the next dung heap that bites one in the wallet. IPOs I stick to the no brainers like the DUK-A, NI-B, and MBINP’s of the world to spice the action up.

    1. Grid, I’m sure Rida will never acknowledge his recommendation of WPG preferred again and leading his flock of automatons to slaughter… https://seekingalpha.com/article/4251865-deep-value-18_5-percent-yield-washington-prime
      Please do your OWN due diligence before investing and never trust any “professional” writer on SA if they do not FULLY DISCLOSE their exact buy, sell, hold and real return track record.
      And yet it moves, Nomad

      1. Nomad, that guy should have a skull and crossbones investing warning beside his name and articles.

        1. Those high dividends Rida writes about gets him plenty of views. Ignoring “due diligence” is a dangerous thing.
          Sometimes overly optimistic articles have some value. He talked up MIC and that one worked out for me. Getting almost 10% div and up over 6% on price. Stop loss set.

          1. danzeb, congratulations on you success with MIC. The troubling issues with Rida and many on his “team” run deep as everyone looks like a hero when the income markets are strong with interest rates heading down dramatically. He takes too many victory laps and does not reflect on the risk or his many automaton audience. The real measure of a portfolio (or his risky recommendations) is when there is great market volatility to the down side or interest rates are heading higher. IF we had real FULL DISCLOSURE from a data base that logged all the buy, sell, holds of these “professional” writers for 0.014 per page view; I’m sure you would find the tide has gone out and they are swimming without clothes.
            In Latin we say verum quid metuis

            1. Nomad, the worst part is the flat out “mistruths” (see in PC world, this old dog can change because I would used to refer to them as lies). Stated he had no “2018 Pick of the Year”, when he clearly did with SKT and it was down over 20% for the year…. He thinks no one fact checks him. Heck he will even write victory lap articles when he lost his arse at the same time. He recommended CBL at $8, buys again at $4, it bounces a modest 25-50 cent bounce, and then has audacity to declare he was right and making money. He was losing his shirt doubling down and wouldn’t recognize that. Of course it craters and tanks further. Then not another peep out of him as he tried to bury it like he did the AMID disaster.
              I am not so bothered by the fact he has bad stock picks or mediocre overall understanding of finances in how the pieces are all put into the puzzle. Its the distortions of his record that bother me. And then any meaningful post that brings this up gets deleted to protect the clicks.

      2. Nomad, The incorrigible Rita and PanderLizard’s best investment thesis pays .014 cents at a time at the expense of who knows how many $100Ks in reader losses. If your comment on their article saved even one reader, it was worth the effort.

  3. Thank you for the perspective, Tim. I would be among those who consider historically informed perspective to be “wisdom.” I hold positions in the GLOP prefs and a small piece of ETP-C . . . I am not panic-ing. As others have noted, some added volatility may bring its own set of advantages to active participants. Thank you very much for your site and your commentary. D

    1. D–I see that ETP has just announced a new issue–they are rock solid and I wouldn’t worry any about ETP.

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