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Tax implications for MLPs differ significantly from corporations for both the company and its investors. Like other limited partnerships, there is no tax at the company level. This essentially lowers an MLP's cost of capital, as it does not suffer the problem of double taxation on dividends. Companies that are eligible to become MLPs have a strong incentive to do so because it provides a cost advantage over their incorporated peers.

Today’s MLPs are defined by the Tax Reform Act of 1986 and the Revenue Act of 1987, which outline how companies can structure their operations to realize certain tax benefits and define which companies are eligible. To qualify, a firm must earn 90% of its income through activities or interest and dividend payments relating to natural resources, energy, commodities, or real estate.

"This is not over by any means," Andrew Brenner, a global strategist at National Alliance Capital Markets, told CNBC. "The longer the Federal Reserve (Fed) takes easing away, the more they're tightening, the more trouble for emerging markets, and we haven't seen the worst of it," he added.

After a bumper year of returns in 2017, emerging markets have copped a battering in 2018. From slowing economic growth in China to Turkey's currency, the lira, collapsing – all occurring in the backdrop of volatile Latin American presidential elections, trade wars and a buoyant U.S. dollar that is making it difficult for indebted emerging market countries to pay their debts – it's easy to understand why these so-called "growth" markets haven't treated investors kindly this year.

The on-balance volume (OBV) accumulation-distribution indicator posted an all-time high in 2015 and entered an aggressive distribution phase, grinding lower into May 2018's five-year low. Speculators built long positions into the Aetna acquisition and sold their stakes aggressively after the November approval. This has dumped the indicator into the midpoint of the nine-month range, signaling apathy in line with relatively narrow price action. However, bears retain a long-term advantage in this chart structure due to the active multi-year downtrend.

The October 2016 gap between $85 and $87 (red lines) has ended multiple rally attempts in the past two years, while the decline into December 2018 found support just two points above the March low. The post-news sell-off signals a rejection at 200-day EMA resistance near $71, finding initial support under $65, which keeps the three-week trading range intact. Given this constriction, buy and sell signals could generate more smoke than fire as long as price holds between the green moving average and black trendlines.

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