Colin Stewart HolyFrontier Corp HFC-N DON'T BUY Apr 16, 2013

Appears to be breaking down through the trend line and his concern is that if this continues, you have a problem. There have been a series of higher lows and higher highs but that has been taken out. He would be cautious about entering into this one.

An independent refiner, mostly in the Midwest US. On a valuation basis they are probably doing better than some of their bigger peers. Have recently been taking a lot of downtime on many of their refineries for maintenance and therefore their last quarter was not as great. Have a good history of making money, taking advantage of the US shale gas light oil play which makes their costs much lower. Have a good history of raising the dividend over time. If you want to be in this space, this would be a decent choice.

Refiner and transporter of fuel. There is a little bit of a breakdown occurring. Had a good uptrend from late 2011 up through to the beginning of 2013 and then it started to break down. Chart shows a neckline which was broken and is now trying to find some support. It doesn’t look all that healthy with a break of the longer-term trend line.