Refiners Taken to the Woodshed

It feels like someone is getting squeezed out of the refiners. I realize we've had underlying weakness the last few days, but names like Tesoro (TSO), Valero (VLO), Phillips 66 (PSX), Marathon Petroleum (MPC) and Western Refining (WNR) have just been taken to the woodshed. Tack on the silver and gold miners and you have your bounce candidates. These names have been pushed significantly lower over the past few days and sit well off their February highs. On big down days I'd focus on these names when they underperform the indices. If you are looking for pair trades, then I would consider these on the long side if your time frame is more than overnight. It will require an iron stomach, for sure. My approach has been to scalp these with very short-term trades that have lasted only minutes on most occasions, sticking with the one- and three-minute charts.

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