still holding?
Valero
- Thread starter ByLoSellHi
- Start date
Hey CM. Yep.
I am long on this.
I got in at $58, then at just under $60.
Very loose stop in place (back down toward $61).
I don't believe they have these refinery issues sorted out. The only thing I'd worry about is the crack spread narrowing dramatically.
What do you think would cause a problem for refinery margins? $70 barrel?
After holding for 18 days from 59.94, I sold. Price not moving like
I wanted it too. Do you use any indicators?
"What do you think would cause a problem for refinery margins? $70 barrel?" - No idea. But I do know that tension will only rise between the US and UK as this whole mess with Iran plays out. Of course, thats good for oil stocks.
The gasoline price needs to keep pace with the crude price for the crack spread to be maintained. The current month crack spread futures price is up $2.03 to $21.25 today. If/when crude = $70 the gasoline price would need to be about $2.33 to maintain the spread. The refineries should do ok through the summer, although the integrateds are likely to do better, it's after labor day when the gasoline prices usually fall that the refineries really take a hit on the spread.
CM, it's at $64.35.
Why'd you sell?
I use RSI, a little MACD, 20 and 50 day MAs, Bollinger Bands to some degree.
Obviously, I try to pay attention to wedges, flags and pennants.
But I'm doing more swing trading than intraday trading. And so it is with VLO.
If this is a top in vlo, a 38.2% correction will bring it down to 58.40..i'll buy back there.
cm
cm
And a 50% correction would take it down to 32.50, but a 20% gain would take it to 77.25.
???
I'll wait to buy FCX at $35.
Not a true believer in fib analysis eh? 
a 38.2% correction would be considered "healthy", and anything over 60%...thats bad.
a 38.2% correction would be considered "healthy", and anything over 60%...thats bad.
Quote from cashmoney69:
Not a true believer in fib analysis eh?
a 38.2% correction would be considered "healthy", and anything over 60%...thats bad.
No, I understand. But it is in an uptrend. What makes you think that channel is broken?
What's your opinion of FCX here?
Just a gut feeling.
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FCX hasn't been at the 35 level sinse 05....The stock would have to fall below its 2yr lows, and then some.
cm