Profits in a bear trap rally can disappear quick. I could sell some EME for 10%, but I will hedge EME buys with SRS. Pair trade~ market neutral.

GW buys SRS @ $85.64

GW buys EME @ $27.85

Potentially buying into HK & CHK…I missed the low prints, but I feel the opportunity will arise again.

Just as a side note HOC is valued at $45-50 per share by a good friend of mine who is a graduate of Columbia with an MBA and 22 years in the biz for analysis and running $….

I’m still holding off on new or adds to the refining sector.

Still looking for S&P to hold 1281 today. Let us see what the Beige Book brings later today.