$CVRR (CVR Refining stock) was beaten down on earnings Thursday Feb 25th as they missed analyst estimates by a mile. Continued weakness followed in the stock on Friday and once the tape signaled to us that it was near bottom (when we started seeing some bids and buying support in the stock with little resistance on upward moves), we started scooping up cheap shares of the refiner at new 52 week lows. $CVRR went down around -50% in the past 3 months and we felt there could be some short covering in the name once it started to bounce a little.
We swung the position into the weekend as the stock closed strong on Friday and the broad market held up fairly well after 3 days worth of 1% gains. Sold into strength on Monday for an easy profitable swing trade.
Net profit: $3,776