One important industry group that is trading lower today is the oil refinery stocks. Leading refinery stocks such as Tesoro Corporation (NYSE:TSO), Valero Energy Corporation (NYSE:VLO), Phillips 66 (NYSE:PSX), HollyFrontier Corporation (NYSE:HFC), and Marathon Petroleum Corporation (NYSE:MPC) are all declining at the start of today's trading session. When all of the leading stocks in an industry group decline together, it tells us that distribution is taking place by the large institutional holders.
Traders should note that the strong refinery stock at this time is Phillips 66 (PSX). This stock is showing the best relative strength when compared to its peers in the industry group. Phillips 66 stock just made a new high four days ago at $59.69 a share. Today. Phillips 66 stock is trading down by $1.76 to $55.29 a share. Swing traders should watch for daily chart support around the $53.00 level.