I've read some negative news for oil refiners, that points to a peak in their run. With that, I'm going to go ahead and close the first two positions this year, selling Frontier Oil(FTO) and Valero(VLO). With Frontier, we locked in a gain of 53.95%, buying at 30.04 and selling at 46.24.
For Valero, we locked in a gain of 27.85%, buying at 57.20 and selling at 73.13. I purchased them both originally on March 1st.
As for the rest of the market, today's open is higher off the back of more M&A activity. GlobalSantaFe(GSF) and Transocean(RIG) are combining in a 53 billion dollar deal. The street seems to like it, and Noble (NE) which this portfolio holds, is also benefiting, up 5% early.
Earnings will continue to be the big catalyst. Volatility should still be fairly high, but maybe not as much as last week.