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: A day after plunging because of the Seaway pipeline reversal, Western Refining
So what: Deutsche Bank was the culprit today, downgrading the stock from buy to hold, and the market sent shares lower again. Refiner CVR Energy
Now what: Yesterday I advised staying away from refiners for the time being, given likely margin pressure, and that stance hasn’t changed today. A 20%+ move is maybe a little overdone, but the momentum is certainly heading against investors right now. I wouldn’t get in the way of that right now.
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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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