One group that’s doing well despite is the oil refiners. I’ve featured these stocks recently…let’s look at Marathon Petroleum (MPC) again! (July 06, 2015)
I want to discuss Marathon Petroleum, Refiner ( NYSE:MPC ) here. I covered this in a “Free Chart Video,” I believe it was even over the weekend. To tell you the truth I can’t remember because it’s been that kind of week and it’s only Monday. I’m pretty sure it was this last weekend, I apologize; and I’m also 57 going on 72 so my hearing nor my memory is working that well; but I know I covered it.
Look, this has been in a volatility squeeze, look at the volume over the past several days. The big three here have all been on strong days, on days when the price has moved higher and closed pretty much near the top of the intraday range. There, there, and then there, so all of these have traded up in to the top part of the range.
Then you look at Valero ( NYSE:VLO ), PSX ( NYSE:PSX ), Western Refining (NYSE:WNR ); these are all moving up pretty strongly as well. I like MPC ( NYSE:MPC ), this is one of the few sectors that is really not under pressure because of declining oil prices, and because of Greece, because of China, and all that.
Money’s been kind of floating around here for a while. They haven’t really been correcting, they’ve been resting, they’ve been consolidating and I think now these are just about as close to a safe haven as you can get; other than maybe a non-interest bearing checking account in the local bank. So checkout Marathon Petroleum ( NYSE:MPC ), I think it’s going to work just fine.
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