I bought 1.5 loads today. However, I think we should hold off buying more. I think it is going down more. Maybe the bottom will be around 40 or a little bit less. The reason is that today the sale volume is around 23 million shares. That is the 3rd highest in 9 months chart. The most was 26 millions shares when it jumped from 38 to 42.
no other refiner had 2.5 times there average volume today. The VLO action very strange. I am hoping that it is because someone was buying only a little less slowly than others were dumping (and maybe even vlo) pushing the dumpers to dump more to get their effect but short circuiting their put buying rampage. All the other refiners just got dumped. So I am hoping that you are correct p and vlo comes back like a boomerang quick which would wickedly catch shorters and put buyers and those who did both so they would be saying 'good-day' Australian style. With 26 million shares and they could only drop vlo 1.78 and maybe about 4 bucks from the beginning of this assault I think
may be positive and my guess is that there may be cash on the sidelines that just might want to get back in and get those 4 points back.
I think the ethanol thing is not going to affect vlo earning at all (and particularly if they export more where a higher price won't be noticed)and they are going to just be passed on through and not diminish consumption/energy use that much if at all and the increased price is just going to end up biting the adm hard in the butt and particularly if they don't back off it quick ....just another example of their "irrationally" and "subbornly" trying to cause the every day working joe and lot of pain so they can pout more and say I told you so while making more assets and resources unproductive in the economy which is not going to have a positive effect. It's like JFK's realizing that military expenditures created "negative wealth" (because you destroyed or obsoleted the 'asset" made); artificially and unnecessarily increasing the price of energy does the same thing ...you get the same output for increased costs which is negative wealth.