Given that VLO Crushed Q2 earnings and yet the stock price declined... and given that cracks have been contracting for Q3, why would we expected the stock to take off from here?
I have no such expectations. Every refiner reporting has said margins are going to be squeezed in Q3.
Simple, first you have to explain why stock price declined even though it gave good results.See WNR, TSO , SUN, All are up.In the case of VLO , MMs does not have enough stock to make profit so they are using scare tactics to get your stock at cheaper price and sell it back to you at higher price.Do not fall prey to this monkey trick.If this stock drops further , buy some more .
TSO and WNR are flat, at best. SUN is up, but not exactly setting the world on fire. Expect a pull back.Oh, blame it on the MMs.How about they have to post good results consistently, not just one quarter, before the market gets excited about refiners.Some times simple realities suffice.