If oil takes a significant dip overnight, I will be short MPC. I don't think there is any fundamental to support this stock to the upside anyways, so I am shorting calls. Plus I am not much of an options buyer unless to trying to hit a home run.
The blue line represents options expiration day. These are 4h bars.
Important to note that NOT all refiners are trading in tandem. MPC and TSO are down today, while HFC, PSX, and VLO are all up.
Note TSO and HFC report their second quarter 2016 results 8/3.