Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of refiner CVR Energy (NYSE: CVI) fell 14% today as investors worried the company's profits would be put under pressure.

So what: Oil is up 3% today on strong economic news and news that the Seaway pipeline would be reversed. The reversal will likely have the effect of raising the price of West Texas Intermediate versus Brent crude, and a smaller spread could lead to lower profits.

Now what: Since refiners make a profit on the spread between gasoline and oil, they were able to take advantage of lower West Texas Intermediate prices in recent years. But if the move of reversing this pipeline lowers a bottleneck in Cushing, Okla., the spread will come down and so will profits. This isn't a buy signal, and I would stay away from refiners for the time being.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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