nodiggity
Long

Buy MPC calls

NYSE:MPC   MARATHON PETE CORP
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).
Comment: 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.
This retracement is holding up. And again, MPC is bucking the market against the SPY. Hope you bought cheap calls on Monday! Happy trading!
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Profit target was way off, but stayed out of the red.
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