FRO is holding on to an island bottom reversal pattern. However, the QQQ's island top and the SPY's small H&D reversal break down will put pressure on the market. Odds favor a break down, but like anything else we won't know until the break down happens.
The most important lesson of this case study is the failed inverse head and shoulder pattern. I must of been blind! According to my mentor Steve Nison, there is nothing more bearish than a failed inverse head and shoulder pattern.
The daily chart of CVRR show the previous peak and troughs, if you look closely, you will see that the pivot points of the troughs hit their lows in January and start moving up to form peaks.
Winter gasoline blend is different from the summer blend. There is a down time to this industry when they transition from fuel to fuel to do maintenance, usually during slow demand periods, and prepare for the busier summer months. The crack spread hit a low in February and bounced going into march. They cut two consecutive quarterly dividend. However, management said it won't affect future dividends, they won't hold anything back to make up for it, they will start with a new sheet of paper. Senior management with 30 years experience said he has been through and seen these types of markets and they usually work them selves out.
LNKD, AMZN,EXPE and a few others went up after hour with good earnings. Its holding up the SPY, but the problem is oil. The question is will the shale producers turn on the spigot?
Things that just pass us by, I took a look at the Russian small cap etf RSXJ and large cap RSX, they both broke a weekly down trend and took off. The small cap is going on a 9 day run.
Since the low 295 on the BDI index it has risen everyday for the past two months now at 710. Today was the first red day -5 Ive seen this month.
Phil, just a reminder, VRX released previous news that they would file the 10K on or before 4/29/16. I might start a small position tomorrow. Ackman told the government the price increase on drugs they pointed out is only 10 to 15 percent of there business and that they have other valuable competitively priced drug assets that make up the other 90% of their business, yet the pricing scandal brought down the company. He believes the company is way under valued at this level.
NAP reported strong VLCC spot market and increased revenue, but missed earnings by ,03. Stock closed up. They have only 5 ships. FRO is much larger.......
Case study: QIWI
The previous consolidation bounced on the 38.20% fib line. Today's retracement is testing the break out point, 20sma, 38.20% fib line, and a gap window. If it doesn't bounce tomorrow, I will starve my fish!
I bought a boat load of FRO near the close. I playing the am earnings announcement. Last quarter, they returned to profitability and increased their divi pay out. Sector is out of favor, but FRO and TNK both reported strong sales last quarter and both increased divi payout. I am watching CVRR ; I think they will cut the dividend again this quarter. I want to buy it on the sell off.