Onefortheroad:
Be interesting to watch how the institutions play this. I am in agreement with you that the institutions are the likely shorts and have likely been short the common and long the Debentures with its yield.
My question would be , at what point do they cover their shorts in a fashion so as to maximize their return? One, I believe can count on them to take advantage of some event, be it some some temporary issue with Great Divide or a significant drop in the price of oil, to cover their shorts.
We can likely count on them to gratify their appetite for greed to maximize their return on both sides of the trade!
Brian