01-14-2015, 09:43 AM
Made a first round of accumulation in Mid December. Sold about half of the winners and sold calls against most of the rest, outside of core positions. Am in the patient accumulation mode. This weakness could last a quarter or two, but could last for ten years, like in the 90's. So my plan is slow and steady, but I'm holding at current overweight of around 43% sector exposure. Exposure is spread over many areas including shipping, mid stream MLP or GP, integrated oil, rig lease.
Current holdings with no calls: EPD KMF MRO SFL SSL TNK
Current holdings covering calls: COP ESV KMI MRO OIH TNK
Current short puts: KMI Feb $41 GE Feb $34 ESV Feb $28
I am now waiting on puts to play out. After February, will assess future action, but will likely be consistent with incremental buying at fairly wide price points. Next buy for SSL is down near $30, EPD under $30, KMF undeer $29
Current holdings with no calls: EPD KMF MRO SFL SSL TNK
Current holdings covering calls: COP ESV KMI MRO OIH TNK
Current short puts: KMI Feb $41 GE Feb $34 ESV Feb $28
I am now waiting on puts to play out. After February, will assess future action, but will likely be consistent with incremental buying at fairly wide price points. Next buy for SSL is down near $30, EPD under $30, KMF undeer $29
Alex