TSO & VLO (refiners) Update

Regarding the recent bearish setups posted on TSO (Tesoro Corp) and VLO (Valero Energy Corp), both refining stocks, I wanted to share my current thoughts (as posted below from my reply to a question that I received today): Q: Hi Randy. I am sure these are on your list, but just reminding you about Tesoro and Valero. R: Yes, noticed the clear breakdown in TSO with VLO still clinging to the uptrend line like an overboard sailor clinging to a life preserver. However, (I'm) passing on a short entry for now based on my near-term bullish bias for the broad market [...]

Jan 20, 2016 2:32pm|Categories: Uncategorized|Tags: , |Comments Off on TSO & VLO (refiners) Update

Refiners On Deck For The Next Bear Market: VLO TSO

Falling oil prices & rising crack spreads have been quite beneficial to the refiners although the charts indicate that the ride will likely soon come to an end. TSO (Tesoro Corp) is likely to fall to at least the $66 level, about 30% below current levels, once prices break below this large rising wedge pattern. VLO (Valero Energy Corp), with a nearly identical chart pattern, is also likely to prove a very lucrative swing/trend short trade sometime in 2016, also with a short-entry to be triggered on a weekly close below this long-term rising wedge pattern. Both may or [...]

Jan 14, 2016 3:04pm|Categories: Uncategorized|Tags: , |2 Comments