Semi-retired consultant residing in beautiful northeast Georgia. Over 40 years of responsible experience in planning, finances and investment management. Primary focus is on portfolio development for retired (or nearly retired) individuals who do not possess great wealth. The Protected Principal Retirement portfolio seeks medium-high yield vehicles, including dividend stocks, REITs, energy MLP's, Royalty Trusts and Closed-End funds. Akaralph http://seekingalpha.com/author/akaralph/instablog http://seekingalpha.com/instablog/188247-akaralph/56513-safe-havens-in-an-unstable-market?source=feed 56513
For the present it is looking more and more like we could have a sideways market until such time as the economic conditions catch up and adversely affect global and domestic markets. In this type of scenario, I continue to favor the energy MLP's (midstream assets, and limited exposure to some upstream operations), and income-producing closed-end funds.

Specifically, I am focusing on the following:

MLP's:

Following recent quarterly performance data, several of the pipeline MLP's stood out from the standpoint of increasing distributable cash flow and distribution ratios. EPD continues to increase their distribution and offers positive guidance going forward, and I would look to add to existing positions on any drop to the $30 area. While ETP did not raise their distribution, the numbers released seem to favor a resumption to distribution increases in 2010. PSE also is on my watch list, and I believe it is a buy closer to the $20 level. While I remain very pleased with the recent performance of PVR, I am looking more and more at buying shares of PVG, the general partner. Any more into the $15's would trigger an entry position.

Looking at the upstream MLP's I continue to favor ENP, VNR and LINE on pullbacks. All are well-positioned to move up commensurate with oil and NG prices.

Other MLP's and royalty trusts that I continue to like include NRGY (propane), CQP (the nation's major LNG terminal) which recently reaffirmed their distribution of $1.70 through 2010, and WHX which continues to pump out heavy distributions.

Closed End Funds:

I have recently evaluated all of the 660+/- CEF's, looking for those with an unblemished history of positive returns, and those in sectors that I believe are favorable going forward. I presently believe that relatively safe plays exist with CEF's trading at a discount to NAV and paying upwards of 8%. I am particularly drawn to those representing global income, currencies, convertibles, emerging market debt, and to a lesser extent high yield bonds. 

MIN, a global income fund, while paying out monthly dividends that are a return on capital has never had a down year going back to the early 2000's. This includes positive market price increases in 2008. It presently trades at a slight premium and yields about 8.6%.

JGT continues to be a favorite currency play, trading at a steeper discount and paying just under 10%. Although not a CEF, I continue to watch MERKX a mutual fund focusing on hard currencies.

Should the markets become range-bound, CEF's holding convertibles usually are good performers. In this area I continue to watch AGC at a discount of 6.6% and yielding 9.7%.

Emerging market debt, while a touchy sector offers what i consider a good opportunity with EDD. EDD trades at a significant discount (13.3%) and presently yields close to 8.5%. What I like about this CEF is that their positions are denominated in the currencies of foreign nations. Of a similar nature is AWF, perhaps my favorite here. AWF is a global, multi-sector fund, and sells at a discount of just over 3%, with a yield of 8.9%. Its positions are also denominated in non-U.S. currencies.

Finally, MHY offers what I consider to be a good opportunity in the presently maligned area of high yield bonds. It trades at a premium to NAV and yields 10.4%, so I would hold off on this one until the premium dissolves.

While I do not own all of the above, I believe that when combined with cash holdings, these represent good opportunities for a superior income stream in uncertain times.




Disclosure: I am currently long EPD, PVR, ENP, NRGY, CQP, WHX, MIN and JGT]]> Sun, 28 Feb 2010 11:56:25 -0500
For the present it is looking more and more like we could have a sideways market until such time as the economic conditions catch up and adversely affect global and domestic markets. In this type of scenario, I continue to favor the energy MLP's (midstream assets, and limited exposure to some upstream operations), and income-producing closed-end funds.

Specifically, I am focusing on the following:

MLP's:

Following recent quarterly performance data, several of the pipeline MLP's stood out from the standpoint of increasing distributable cash flow and distribution ratios. EPD continues to increase their distribution and offers positive guidance going forward, and I would look to add to existing positions on any drop to the $30 area. While ETP did not raise their distribution, the numbers released seem to favor a resumption to distribution increases in 2010. PSE also is on my watch list, and I believe it is a buy closer to the $20 level. While I remain very pleased with the recent performance of PVR, I am looking more and more at buying shares of PVG, the general partner. Any more into the $15's would trigger an entry position.

Looking at the upstream MLP's I continue to favor ENP, VNR and LINE on pullbacks. All are well-positioned to move up commensurate with oil and NG prices.

Other MLP's and royalty trusts that I continue to like include NRGY (propane), CQP (the nation's major LNG terminal) which recently reaffirmed their distribution of $1.70 through 2010, and WHX which continues to pump out heavy distributions.

Closed End Funds:

I have recently evaluated all of the 660+/- CEF's, looking for those with an unblemished history of positive returns, and those in sectors that I believe are favorable going forward. I presently believe that relatively safe plays exist with CEF's trading at a discount to NAV and paying upwards of 8%. I am particularly drawn to those representing global income, currencies, convertibles, emerging market debt, and to a lesser extent high yield bonds. 

MIN, a global income fund, while paying out monthly dividends that are a return on capital has never had a down year going back to the early 2000's. This includes positive market price increases in 2008. It presently trades at a slight premium and yields about 8.6%.

JGT continues to be a favorite currency play, trading at a steeper discount and paying just under 10%. Although not a CEF, I continue to watch MERKX a mutual fund focusing on hard currencies.

Should the markets become range-bound, CEF's holding convertibles usually are good performers. In this area I continue to watch AGC at a discount of 6.6% and yielding 9.7%.

Emerging market debt, while a touchy sector offers what i consider a good opportunity with EDD. EDD trades at a significant discount (13.3%) and presently yields close to 8.5%. What I like about this CEF is that their positions are denominated in the currencies of foreign nations. Of a similar nature is AWF, perhaps my favorite here. AWF is a global, multi-sector fund, and sells at a discount of just over 3%, with a yield of 8.9%. Its positions are also denominated in non-U.S. currencies.

Finally, MHY offers what I consider to be a good opportunity in the presently maligned area of high yield bonds. It trades at a premium to NAV and yields 10.4%, so I would hold off on this one until the premium dissolves.

While I do not own all of the above, I believe that when combined with cash holdings, these represent good opportunities for a superior income stream in uncertain times.




Disclosure: I am currently long EPD, PVR, ENP, NRGY, CQP, WHX, MIN and JGT]]> http://seekingalpha.com/instablog/188247-akaralph/46290-ok-where-do-we-go-from-here?source=feed 46290
I think we now need to take a step back and determine how we can protect our capital while continuing to generate an acceptable income stream. My favorite sector, the energy MLP's have once again come through on the distribution front. Of the 20 that I track, seven have increased the distribution, while the other 13 retained distributions at prior levels. EPD and NRGY seem to be the strongest of the group, and I have added to positions in ENP and CQP recently. FRHLF looks particularly good from the standpoint of a Canadian energy trust.

Aside from the MLP's, I was also impressed that closed-end funds did not have the large year-end dividends that typically tank them in January. I continue to carefully reasearch the CEF's, and have done a little buying of late. Am trying to be defensive and am concentrating of those funds holding senior debt, floating rate instruments, multi-sector bonds and currencies. I believe that in today's market a defensive posture is warranted, and many of these type funds still trade at significant discounts to NAV. Also, if one can stay away from those that are highly leveraged and those still having managed distributions, there are yields in the range of seven to nine percent still out there.

In the commodities area I continue to follow hard currency funds such as those offered by Merk Funds, agricultural ETF's (Jim Roger's favorites), and look to add to gold at the $1000 level. I refrain from bullion, just because everywhere you look on the TV, folks are advertising how important it is to hold it. I prefer the miners, whom I think will benefit most from increased bullion pricing as the spread between the cost of production and the cost per ounce widens.

I have recently begun to take a few equity and income positions in global and international CEF's, so as to disperse the risk. I believe that Australia is on the road to recovery, and like IAF at these levels, both for appreciation and possible dividend increases. Rounding out the defensive portfolio, I beleive that positions in global income funds and emerging market debt funds are, or will become appropriate.

To sum things up, I heard nothing particularly encouraging in the State of the Union address and continue to believe our economy is living on borrowed time. Printing money 24/7 will only lead to higher inflation - the question is when will it kick in?



Disclosure: Am long EPD, NRGY, ENP, CQP, FRHLF and IAF]]> Fri, 29 Jan 2010 12:49:26 -0500
I think we now need to take a step back and determine how we can protect our capital while continuing to generate an acceptable income stream. My favorite sector, the energy MLP's have once again come through on the distribution front. Of the 20 that I track, seven have increased the distribution, while the other 13 retained distributions at prior levels. EPD and NRGY seem to be the strongest of the group, and I have added to positions in ENP and CQP recently. FRHLF looks particularly good from the standpoint of a Canadian energy trust.

Aside from the MLP's, I was also impressed that closed-end funds did not have the large year-end dividends that typically tank them in January. I continue to carefully reasearch the CEF's, and have done a little buying of late. Am trying to be defensive and am concentrating of those funds holding senior debt, floating rate instruments, multi-sector bonds and currencies. I believe that in today's market a defensive posture is warranted, and many of these type funds still trade at significant discounts to NAV. Also, if one can stay away from those that are highly leveraged and those still having managed distributions, there are yields in the range of seven to nine percent still out there.

In the commodities area I continue to follow hard currency funds such as those offered by Merk Funds, agricultural ETF's (Jim Roger's favorites), and look to add to gold at the $1000 level. I refrain from bullion, just because everywhere you look on the TV, folks are advertising how important it is to hold it. I prefer the miners, whom I think will benefit most from increased bullion pricing as the spread between the cost of production and the cost per ounce widens.

I have recently begun to take a few equity and income positions in global and international CEF's, so as to disperse the risk. I believe that Australia is on the road to recovery, and like IAF at these levels, both for appreciation and possible dividend increases. Rounding out the defensive portfolio, I beleive that positions in global income funds and emerging market debt funds are, or will become appropriate.

To sum things up, I heard nothing particularly encouraging in the State of the Union address and continue to believe our economy is living on borrowed time. Printing money 24/7 will only lead to higher inflation - the question is when will it kick in?



Disclosure: Am long EPD, NRGY, ENP, CQP, FRHLF and IAF]]> http://seekingalpha.com/instablog/188247-akaralph/42871-2010-more-of-the-same-or-less?source=feed 42871
Spending, increased taxes, more governmental regulation and intervention, a weaker dollar, continuing high unemployment, an inflationary scenario, potential interest rate hikes, increased risk of terrorism and a general lack of concern for the American people being demonstrated by our elected officials somehow doesn't equate to a healthy return in the stock market.

In my opinion, the first quarter of 2010 could be a continuation of the 2009 market advance, but at some point all of the above will catch up with this advance. While I am not going out on a limb to make a prediction for the market averages for 12/31/2010, I will make the following suppositions:

1. Terrorism could be the dominant scenario for 2010. The present administration continues to downplay the country's security needs and with each day Israel moves closer to acting against Irans' increasing nuclear capabilities.

2. The administration's rush to complete implementation of their "tax and spend" agenda before the mid-term elections could put the country in a non-recoverable mode.

3. Printing money on a 24/7 basis will most certainly result in significant inflation.

4. Interest rates cannot (and should not) remain at current levels. While rate hikes to the 3% or 4% level would be viewed as negative by the markets; these are reasonable and will certainly stimulate savings. It is when the Fed "over corrects" that we will be in trouble.

5. Subtle, and not so subtle tax increases will decrease disposable income for the middle class as well as for the rich.

6. Aside from a technical rally, the US dollar is in an almost terminal downtrend.

7. The housing market does not show any signs of a quick recovery, particularly when coupled with a "real" unemployment rate in excess of 17%.

The list can go on, but can anyone (except for elected officials) continue to put a positive spin on the global situation?

In my opinion, we as investors must act in the next few months to insure our financial survival. Axel Merk's new book "Sustainable Wealth" is a recommended read for anyone interested in maintaining a viable lifestyle in the event that all of the above come to fruition.

From my personal standpoint I am re-evaluating my portfolio and selling those stocks and closed-end funds that do not match the overall economic scenario that I point out above.

At this time I am holding those pipeline MLP's that transport oil and natural gas across the country. These would include; EPD, NGLS and PVR (with the added benefit of coal). I also like CQP and WHX for their continued stream of high distributions.

Am moving out of high yield bond closed end funds in favor of floating rate debt funds.

Looking for an opportunity to increase somewhat my position in GGN, as I do not see gold correcting much more and it doesn't hurt to maintain a small position as an "insurance policy".

My one new foray for 2010 is into currencies. I do not see a bright future for the dollar, so I am looking at the following currency funds: MERKX, JGT and GCF.

Finally, I plan on moving a little more money into emerging markets and Australia/New Zealand funds as the opportunity presents itself. Presently watching EMF and IAF, among others.

Aside from added caution in the investment arena, I urge folks to watch their spending and debt habits, continue saving, do everything in your power to become indispensible to your employers, and to focus on what is happening around you. Oh, and never forget to treasure family and friends.

Disclosure: I presently have positions in EPD, NGLS, PVR, CQP, WHX and GGN.



Disclosure: Long: EPD, NGLS, PVR, CQP, WHX and GGN]]> Sat, 09 Jan 2010 10:03:11 -0500
Spending, increased taxes, more governmental regulation and intervention, a weaker dollar, continuing high unemployment, an inflationary scenario, potential interest rate hikes, increased risk of terrorism and a general lack of concern for the American people being demonstrated by our elected officials somehow doesn't equate to a healthy return in the stock market.

In my opinion, the first quarter of 2010 could be a continuation of the 2009 market advance, but at some point all of the above will catch up with this advance. While I am not going out on a limb to make a prediction for the market averages for 12/31/2010, I will make the following suppositions:

1. Terrorism could be the dominant scenario for 2010. The present administration continues to downplay the country's security needs and with each day Israel moves closer to acting against Irans' increasing nuclear capabilities.

2. The administration's rush to complete implementation of their "tax and spend" agenda before the mid-term elections could put the country in a non-recoverable mode.

3. Printing money on a 24/7 basis will most certainly result in significant inflation.

4. Interest rates cannot (and should not) remain at current levels. While rate hikes to the 3% or 4% level would be viewed as negative by the markets; these are reasonable and will certainly stimulate savings. It is when the Fed "over corrects" that we will be in trouble.

5. Subtle, and not so subtle tax increases will decrease disposable income for the middle class as well as for the rich.

6. Aside from a technical rally, the US dollar is in an almost terminal downtrend.

7. The housing market does not show any signs of a quick recovery, particularly when coupled with a "real" unemployment rate in excess of 17%.

The list can go on, but can anyone (except for elected officials) continue to put a positive spin on the global situation?

In my opinion, we as investors must act in the next few months to insure our financial survival. Axel Merk's new book "Sustainable Wealth" is a recommended read for anyone interested in maintaining a viable lifestyle in the event that all of the above come to fruition.

From my personal standpoint I am re-evaluating my portfolio and selling those stocks and closed-end funds that do not match the overall economic scenario that I point out above.

At this time I am holding those pipeline MLP's that transport oil and natural gas across the country. These would include; EPD, NGLS and PVR (with the added benefit of coal). I also like CQP and WHX for their continued stream of high distributions.

Am moving out of high yield bond closed end funds in favor of floating rate debt funds.

Looking for an opportunity to increase somewhat my position in GGN, as I do not see gold correcting much more and it doesn't hurt to maintain a small position as an "insurance policy".

My one new foray for 2010 is into currencies. I do not see a bright future for the dollar, so I am looking at the following currency funds: MERKX, JGT and GCF.

Finally, I plan on moving a little more money into emerging markets and Australia/New Zealand funds as the opportunity presents itself. Presently watching EMF and IAF, among others.

Aside from added caution in the investment arena, I urge folks to watch their spending and debt habits, continue saving, do everything in your power to become indispensible to your employers, and to focus on what is happening around you. Oh, and never forget to treasure family and friends.

Disclosure: I presently have positions in EPD, NGLS, PVR, CQP, WHX and GGN.



Disclosure: Long: EPD, NGLS, PVR, CQP, WHX and GGN]]> http://seekingalpha.com/instablog/188247-akaralph/34164-denbury-resources-and-enp?source=feed 34164
If you follow ENP as I do, you know that they recently increased their quarterly distribution. It would appear that Denbury will continue as the new general partner for ENP, and that ENP will continue their E&P activites in the west, the Permian Basin and in North Dakota's Williston Basin.

I would think that ENP's operations would complement the Denbury operations in the Gulf Coast, and that after the acquisition is completed it would be beneficial going forward. Based upon this, I can only think that ENP's shareholders will continue to benefit from a stream of increasing distributions going forward.

Of course, now that Jim Cramer has warned that this deal is a bad one I am even more encouraged.

Disclosure: I am long ENP.
]]> Tue, 03 Nov 2009 12:28:40 -0500
If you follow ENP as I do, you know that they recently increased their quarterly distribution. It would appear that Denbury will continue as the new general partner for ENP, and that ENP will continue their E&P activites in the west, the Permian Basin and in North Dakota's Williston Basin.

I would think that ENP's operations would complement the Denbury operations in the Gulf Coast, and that after the acquisition is completed it would be beneficial going forward. Based upon this, I can only think that ENP's shareholders will continue to benefit from a stream of increasing distributions going forward.

Of course, now that Jim Cramer has warned that this deal is a bad one I am even more encouraged.

Disclosure: I am long ENP.
]]> http://seekingalpha.com/instablog/188247-akaralph/33499-enp-nrgy-and-evep?source=feed 33499
ENP released earnings and distribution information on 10/27 and pleased its shareholders with a nice distribution increase. The distribution for the present quarter was raised from $0.513 to $0.5375, or 4.8%. Distributable cash flow was $34.4 million and the distribution coverage ratio rose to 1.40. Hard to complain about these type results in today's economy.

NRGY, while not scheduled to release earnings until 11/30 announced its 32nd consecutive quarterly distribution increase. The distribution was increased from $0.665 to $0.675, or 6.3% above the same quarter last year.

EVEP on 10/27 announced a quarterly distribution of $0.754, only a marginable increase ($0.001) over the previous quarter. However, at today's price of $24.36, this represents an annualized yield of 12.38%. EVEP continues to rate high among the exploration and production MLP's.

Keep your eyes on these, as with oil and NG having the potentials to continue to rise, they are money in the bank.

Disclosure: I am long ENP, NRGY and EVEP.
]]> Thu, 29 Oct 2009 08:34:09 -0400
ENP released earnings and distribution information on 10/27 and pleased its shareholders with a nice distribution increase. The distribution for the present quarter was raised from $0.513 to $0.5375, or 4.8%. Distributable cash flow was $34.4 million and the distribution coverage ratio rose to 1.40. Hard to complain about these type results in today's economy.

NRGY, while not scheduled to release earnings until 11/30 announced its 32nd consecutive quarterly distribution increase. The distribution was increased from $0.665 to $0.675, or 6.3% above the same quarter last year.

EVEP on 10/27 announced a quarterly distribution of $0.754, only a marginable increase ($0.001) over the previous quarter. However, at today's price of $24.36, this represents an annualized yield of 12.38%. EVEP continues to rate high among the exploration and production MLP's.

Keep your eyes on these, as with oil and NG having the potentials to continue to rise, they are money in the bank.

Disclosure: I am long ENP, NRGY and EVEP.
]]> http://seekingalpha.com/instablog/188247-akaralph/33025-mlp-s-in-today-s-market?source=feed 33025
For my own portfolio, I try to focus on the pipeline companies, since they are least affected by commodity pricing. However, the OIL and NG transporters are directly affected by the quantities carried through the pipelines. When supplies increase, less product is transported, and vice versa.

With the recent increase in crude oil prices to the $80 level, and with seasonal demand soon to result in higher NG prices, the upstream (exploration and production) MLP's have recently been the beneficiaries of price appreciation.

During the recent market downtown MLP's took significant hits; however, just about all of them maintained, or slightly increased quarterly distributions. Beginning in March of this year MLP's began a steady and sharp increase in share prices, which, in my opinion was due in part to recognition by institutional and retail investors that distributions were a constant source of income. This was in comparison to real estate investment trusts, business development corporations and many closed-end funds having to resort to dividend reductions, or, in some cases complete elimination.

The evaluation of energy MLP's cannot focus solely on quarterly earnings since they are tax shelters, and by design are not intended to be generators of taxable income. It is better to focus on the distribution and the distribution coverage ratio. For example Teppco Partners (TPP) has an unbroken string of increased distributions since their inception in 1990. Recent announcements for the quarter ending September continue to support distributions the same, or slightly higher that the prior quarter, or quarter over quarter versus prior years. The coverage ratio gives an indication of distribution "protection", and can be found in the financial portion of the quarterly earnings release. A coverage ratio of 1.00 is the minimum to consider when seeking to purchase an MLP. Many of the pipeline and upstream MLP's presently sport coverage ratios in the range of 1.15 to 1.35, which is a good indication that distributions should continue at least at present levels.

As far as selecting price points at which to commit new funds to MLP's, the past six months MLP appreciation of anywhere from 50% to over 100% make the choice a difficult one. During the past week it has become evident based upon distribution announcements that MLP's continue on a positive pathway. Some consolidation within the midstream segment is occurring - of note is the acquisition of TPP by Enterprise (EPD), at a fair premium. 

Thus far, of the MLP's that I track, and/or own CPNO, CQP, LGCY, NGLS, and NRGY have all announced quarterly distributions the same, or slightly higher than for the quarter ending in June. CQP is an interesting play as they will soon complete the first LNG terminal facility in the United States. A number of analysts have recently maligned CQP, citing the potential for a distribution reduction. However, this criticism can be brought into question by a quick review of their projected revenues and earnings for the next year. It would seem that there is potential for increasing distributions, particularly subsequent to the initiation of operations. A second MLP that I still favor is NRGY, a propane distributor and NG storage operation who just this morning announced their 32nd consecutive increase to the quarterly distribution

I would also closely watch TLP, WPZ, MMP, NGLS and CPNO for opportunities to buy, or add to existing positions on any market pullback.

Disclosure: I presently have positions in CPNO, CQP, ENP, EVEP, LGCY, NGLS, NRGY, PVR and TPP.
]]> Mon, 26 Oct 2009 11:15:31 -0400
For my own portfolio, I try to focus on the pipeline companies, since they are least affected by commodity pricing. However, the OIL and NG transporters are directly affected by the quantities carried through the pipelines. When supplies increase, less product is transported, and vice versa.

With the recent increase in crude oil prices to the $80 level, and with seasonal demand soon to result in higher NG prices, the upstream (exploration and production) MLP's have recently been the beneficiaries of price appreciation.

During the recent market downtown MLP's took significant hits; however, just about all of them maintained, or slightly increased quarterly distributions. Beginning in March of this year MLP's began a steady and sharp increase in share prices, which, in my opinion was due in part to recognition by institutional and retail investors that distributions were a constant source of income. This was in comparison to real estate investment trusts, business development corporations and many closed-end funds having to resort to dividend reductions, or, in some cases complete elimination.

The evaluation of energy MLP's cannot focus solely on quarterly earnings since they are tax shelters, and by design are not intended to be generators of taxable income. It is better to focus on the distribution and the distribution coverage ratio. For example Teppco Partners (TPP) has an unbroken string of increased distributions since their inception in 1990. Recent announcements for the quarter ending September continue to support distributions the same, or slightly higher that the prior quarter, or quarter over quarter versus prior years. The coverage ratio gives an indication of distribution "protection", and can be found in the financial portion of the quarterly earnings release. A coverage ratio of 1.00 is the minimum to consider when seeking to purchase an MLP. Many of the pipeline and upstream MLP's presently sport coverage ratios in the range of 1.15 to 1.35, which is a good indication that distributions should continue at least at present levels.

As far as selecting price points at which to commit new funds to MLP's, the past six months MLP appreciation of anywhere from 50% to over 100% make the choice a difficult one. During the past week it has become evident based upon distribution announcements that MLP's continue on a positive pathway. Some consolidation within the midstream segment is occurring - of note is the acquisition of TPP by Enterprise (EPD), at a fair premium. 

Thus far, of the MLP's that I track, and/or own CPNO, CQP, LGCY, NGLS, and NRGY have all announced quarterly distributions the same, or slightly higher than for the quarter ending in June. CQP is an interesting play as they will soon complete the first LNG terminal facility in the United States. A number of analysts have recently maligned CQP, citing the potential for a distribution reduction. However, this criticism can be brought into question by a quick review of their projected revenues and earnings for the next year. It would seem that there is potential for increasing distributions, particularly subsequent to the initiation of operations. A second MLP that I still favor is NRGY, a propane distributor and NG storage operation who just this morning announced their 32nd consecutive increase to the quarterly distribution

I would also closely watch TLP, WPZ, MMP, NGLS and CPNO for opportunities to buy, or add to existing positions on any market pullback.

Disclosure: I presently have positions in CPNO, CQP, ENP, EVEP, LGCY, NGLS, NRGY, PVR and TPP.
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