Chart of The Day: Valero Energy

Chart of the Day Valero Energy (VLO)

Valero Energy is a petroleum refiner and in the next couple of days as hurricane Isaac makes landfall Valero is planning on shutting down 2 of its refeinry operations in the Gulf.  Despite Isaac's landfall Valero broke out today to a new 52 week high on heavy volume, and the refiner seems to be in a good position going into the fall to continue its move up.

 

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Market Review: Low Volume, Flat Market

Stocks today were pretty flat and the rest the week through Wednesday we should continue to stay flat or grind higher.  The potential for stocks to move will be on Thursday and Friday.  Bernanke is scheduled to speak at the annual Econ conference in Jackson Hole, Wyoming Friday, and his remarks could provide a wave of buying if he continue to positively talk about QE3.  Mario Draghi is expected to speak at the Fed's conference on Saturday, so that will most likely impact the beginning of next weeks trading.

The chart is still bullish today's closed just below our close on Friday and the trend continues to be positive.  The volume was really low today so the takeaway there is that it wasn't aggresive selling which is bullish for tomorrows open.




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