You might be incorrect. Refiners like low oil prices and high demand. The profit margin or crack spread is not in there favor currently.
I wonder if the market is pricing HFC Dividend elimination? I might look for a opportunity to close the HFC Put I sold today because $27.30 might not be a good price in September.
Bigbear, our RSO-B also did another hat trick. It's starts the day negative to scare old ladies and ends strongly posative day after day. It might peak in another $2-$4 ,I hope.
I have had two good days in a row, Today everything was green except for XLE with a Covered Call covering half the loss . RSOB,NRZ and NRF got the love today.
I sold some OTM refinery Puts to day for cheap shares and beer money. Might add some shares at some point.
NRZ earnings missed 1 cent earning 49 cents on a 50 cent estimate but easily covering there last 46 cent Dividend. Its a buy if you don't hold any and a add on any drop if you do. i,m currently not overloaded and will add on a drop.
Look at Joe Papa,s contract with Valeant. From my read he is paid what is considered CEO "chump change" unless the stock price is restored to $270 then he hits the "pot of gold". Papa must think he has a good chance for success in order to take the risk. I think Papa is the main reason for a rally. What actually happened at Valiant that was do bad ? What I see is a person(corporation being a person) selling something he owned for as a high of a price as possible and being attacked by the political class in a election year.
It might be you! I have noticed the farther I have removed myself from BDC and 3x Short ETF the better life is. A surgical BDC trade has been the only winner.
Looking at CKRR and other refineries, I saw no buy signal . CKRR might deserve more pain than the other for cancelling the Dividend. More pain to come.
RSO Preferred up big again today. I read on the RSO MB the company is buying there own Preferred because is such a great value . RSO-B went over $19 on the close. NRF which has had there own problems has there Preferred at $22-$24. I expect RSO Preferred to join the other Preferred and be called at $25 Par as soon as they can arrange financing. There is little reason to pay 8-12% interest in a a zero rate world . No idea of a time frame.
NRZ reports earnings before market tomorrow 5/4. Expected to be very good .
NRF reports before market 5/10 next week. The 9am conference call is what's important. If they announce moving back to internal management it might pop big whatever the earnings. Must wait and see.