TECH GUYS: look at a 5day chart of TSO, with bollinger bands. At yesterdsys open,TSO was $2.00 above the upper bands.no way jose'. It was a screaming sell temporarily. Buying back 2.00 lower is easy future money.JMHO
and,by the way...it was BEST OF 7 REFINERS..........YET IT STILL SOLD OFF.
LOOKS LIKE WHOLE GROUP IS WEAK.
Crushed..thanks for this unfortunate news.Any time govt. steps in you can be sure it will be screwed up by chair-bound beurocrats who do not know crapola. Your post is very appropiate here..it is nat. gas info,and the more we learn the better.
if it is any consolation,all 7 major refiners are down about 15%+ today.
And 15% ethanol is not approved by the car companies.Certain gas stations vary as to ethanol%...I NOTICEUP TO 4mpg DIFFERENCE TANK/TANK. Etanol is the only variable I can blame it on.
kbononi.....see a 10 day chart with 5-day SMA. HFC follows THE DIRECTION of the 5SMA.
This is true of all stocks. Basically IT IS JUST MOMENTUM TRADING simplified.
In last 10 days, WNR and PSX traded almost lock-step with HFC.
Four other refiners had similar charts,but with much lesser gains.
Obvliously this was an industry-wide effect.
and go to 'stockcharts' POINT AND FIGURE charts and see that all 7 refiners are sorry-looking to say the least.
not bad 317% gain in last 4 days. But look at a 5-day chart,and see that had you traded in the DIRECTION of the 5SMA, you would have made 6.35 IN THE SAME TIME FRAME. I use TDAmeritrade charts,available only if you have an account
CVI 1YR = SKEWED H/S 4 DIVS ODD TIMING NO % POSTED
HFC IYR H/S 7 DIVS, ODD TIMES 2.9%
VLO 1YR. H/S (FEB-APRIL 4 DIVS. ODDS 2.6%
TSO 1YR H/S SPRAWLING JAN-SEPT 4 DIVS. REGULAR 2.3%
PSX 1YR. COMPLEX H/S 4DIVS. REGULAR 2.2%
WNR 1YR SPRAWLING H/S COMPLEX 6 DIVS. ODD 2.5%
MPC 1YR COMPLEX H/S 4 DIVS. REGULAR 2.6%
I see no compelling reason to own any of these. And crack-spreads are unfavorable too.
best P&F charts are at 'stockcharts' ,easy to read and understand...one picture is worth 1000 words.
just checked out CVI HFC TSO VLO PSX MPC WNR.......ALL SUKK.
Don't expect much positive action on the 7 major refiners. ALL have 5-day smas pointing downward.This is the simplest T.A. indicator I know of. When the 5smas all start rising together...THEN BUY ANY OF THEM.In the meantime,sit on the sidelines.
And check out POINT-AND-FIGURE charts for good visual confirmation of my advice.
no surprises here.
Doesn't everyone who can read know it is legal for the Fed to interfere in markets? The banks are just acting as agents,doing the Feds legal bidding. Of course the banks are busy screwing and front=running for even more gains.