By far my best performer today has been symbol CVI. I was scratching my head about it, since crude oil was zooming higher, so I asked Slopers what was going on. One kindly responded (and has given me permission to reprint his words here):
The reason your refining shorts are working so well is because the spread between WTI crude and Brent crude is completely unraveling. Guys have been long refiners because they buy cheap WTI crude and sell gasoline and diesel that is priced off the more expensive Brent crude. Now, that is completely reversing as the gap between WTI and Brent is completely unraveling. So its game over for refiners. When the technicals meet the fundamentals, special things happen. Great call.
