Add to TSO Calls

Refiners Still Look Strong

By Bryan Bottarelli
Monday, September 15, 2008 9:57 AM EDT
Mon, 15 Sep 2008 13:57:00 GMT

PLAY: Buy more TSO October 20 Calls (TSO JD) at or under $0.90, good for the day. Lower your protective stop limit to $0.40 and adjust your sniper sell to $1.70.

Dear Bottarelli Research Member,

The drop in oil prices continues to make a strong case for refiners like Tesoro Corporation (TSO – NYSE).

Further strengthening the bullish argument is the fact that TSO has no hurricane exposure — which means they’ll be able to continue selling gasoline while other coastal-refiners stop production due to the recent storms.

TSO

Therefore, I’d like to use this morning’s downside push to add to our TSO October 20 Calls (TSO JD).Let’s lower our cost basis and bank on the fact that TSO will once again bounce above its 50-day moving average once the morning selling pressure subsides. Here’s the play:

PLAY: Buy more TSO October 20 Calls (TSO JD) at or under $0.90, good for the day. Lower your protective stop limit to $0.40 and adjust your sniper sell to $1.70.

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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