If you missed it, the Wall Street Journal came out today with a centerpiece on fracking sand. This is great exposure to the space.

If you’ve been paying attention, I took a position in the partnership HCLP this summer for $24-26, with some adds and trading around the position since then. They sell exactly this sand to well services companies.

A few recent big developments with HCLP include a settlement with Baker Hughes and inclusive six year supply agreement that helped send it to the $32 price it’s at today. Other developments include an almost million share issuance from a parent/sibling company (non-dilutive).

The share price has come under downward pressure (from the million share issuance); however, this exposure is exactly what’s needed to get more money flowing into the position. The partnership is expensive and small, but I love the positioning and think it’s in exactly the right place for major growth over the next decade.

Another position similar to HCLP (and Chuck Bennett honorable mention) is SLCA. They specialize in a similar alternative to the fracking sand HCLP offers.

BAS swung around today, down more than 8%. I just adore 10% price swings up and down, like a buzz saw for the knees of the weak. It’s insanity, there is no reason for this sort of price action. Even when it’s making me rich, I kind of hate it.

The positions I had that were offsetting the losses softened into the close, with HCLP and CCJ coming in neutral. My biggest gainer today isn’t a full position, by a long shot, and is thus not much worth talking about. UEC was up 10% today, but it’s just a few percent – an ancillary position to CCJ.

The biggest real gain I had today was probably silver. You can understand why I’m not leaping around for joy.

Hi-Crush Partners LP is down 3.5% this morning on an announcement of a secondary offering. However, the title “secondary offering” is largely formality, as this sale is not anything like a traditional secondary.

The shares are not new issuance, but rather come from a controlled group arrangement with another sibling/parent entity, Hi-Crush Proppants LLC. Since Hi-Crush Proppants LLC was already entitled to a share of all earnings anyway, this secondary will not be changing the outstanding dynamics of HCLP.

Unfortunately, that also means that HCLP will receive no funding from this offering directly, and it does not benefit my partnership units in any way, shape or form. I generally feel that concerns over new capital raises in fast growing or leveraged markets are overblown, so I would not have been bothered much to see HCLP raise more money.

This announcement should be treated as merely a declaration of a very large seller coming to market. There is no ownership dilution taking place, though nor are their any benefits to existing partners in the form of expanded business capital.

There’s a good chance I’ll be putting money to work in HCLP on the selloff. This is an excellent opportunity to get in.

I had purchased additional shares of BAS in late July through early August, between $11.55 and $12.40. Those shares were up 30-40%, so I sold off half of them. The remainder is added to my permanent position.

I love the name, but having followed it for quite some time, it’s normal deviations are in the 20-30% range. I’m happy to see it breaking out to new highs, as that jives well with my own expectations. While buying the initial stake in BAS, I called for a price target of $18 at the time, and feel this company is well positioned to experience above average growth for the next 5-10 years.

However, back to the wild price swings, I don’t trust this stock at all. So taking a bit of money off the table makes sense. If I can’t buy back in lower, I still make a fat spread on a major position. But in all likelihood, the stock craters back to $14, and I load up all over again.

My current positions are CCJ, BAS, HCLP, AEC, MAA, NRP, RMCF, TSLA puts, and physical silver.

I upped my MAA stake for $61.39. The company is selling off here, but I don’t quite understand why. It’s not even worth reflecting on the earnings – they were in line expectations (on the high end). The company’s books don’t even get interesting until the end of next quarter, when the CLP merger gets reflected.

My position was rolled over from CLP at a nice premium. But I’m sticking around – I like the new combined company and want to see where this goes.

In other news, BAS is up over 7% this morning, reversing from mid correction on nothing but the breeze. HCLP is doing well also, up 2%. It looks like the energy sector correction may be about over.

I got smacked pretty hard today, with NRP, HCLP and BAS all taking blows. The earnings out of NRP and HCLP apparently spooked some investors, and BAS just sort of followed along.

I am not concerned about any one of these positions. The rest of the holdings were a pretty mixed bag.

I dare not address the Tesla selloff just yet, for fear I somehow jinx it. I refuse to report any of the numbers on my put position, as it is so small and just unpredictable. Suffice to say, the first batch of options expire with early 2014. The next two thirds of them expire with early 2015. I’ll mark them down as they expire worthless, or record the profits when I actually have something more concrete.