Buy MPC calls
Updated
Get em while they're cheap! You might find cheaper premiums on HFC as they nose-dived yesterday, but MPC has stronger fundamentals IMO.
And a reminder like always, MPC has a history of bucking the market the market: SPY.
In regard to fundamentals, this is an oversold reaction to MPC and other refiners' posting losses for Q1 2016. We all knew the refining margins honeymoon would come to a close eventually. This is a response not in rising crude prices, but rather a response to the lack of rise of gasoline prices (the other leg that makes up the refining crack spread).
And a reminder like always, MPC has a history of bucking the market the market: SPY.
In regard to fundamentals, this is an oversold reaction to MPC and other refiners' posting losses for Q1 2016. We all knew the refining margins honeymoon would come to a close eventually. This is a response not in rising crude prices, but rather a response to the lack of rise of gasoline prices (the other leg that makes up the refining crack spread).
Note
Just like to point out that I've seen other Fib retracements. I have stuck to the one starting at the Feb 9th low. The model has held for many trades. I stand by this one.
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