Refiners all bouncing today - VLO, TSO. FTO. Potential 5-10% moves over the next few days. Seasonal factors at work here also. The period between mid-April and mid-May is historically a strong one as they push out gas for the summer driving season.
KMB reports earnings on Thursday. No internal chatter as to how they are going to be yet. I knew last time that they would be good but most likely not meet expectations - sure enough that's what happened and the stock dropped $2.50 before recovering.
Out of FTO @13.77 (was in @ 13.22 a couple of days ago). One of my rules is that if you get 4% in a day (especially a Friday) you take it. Interesting how it started to turn up before an analyst upgrade????
Big pharma acting well today. Dipped a toe into BMY with a few May 23 calls. Stock is close to support, just above the 200 day MA and RSI is bouncing up from a 13 month low. Short-term target - 25.50-26.00.
Thanks. As it turned out, I was a little early on FTO, After I bought, I watched it slide to within a dime of my stop before it recovered. It's likely to still be good for a couple of weeks (seasonal factors) but I wanted to cash the ticket before the weekend.
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