CVR REFINING (CVI)

[jugs]

I've been adding off and on all year. MLPs tend to give ground during 6 weeks or so following their going ex-distribution. Given that I expect it, I'll be watching and trying to size things up.

With payday coming up, I'm unable to come up with a reliable read on the future. Friday's peculiar trading confuses the picture and if there's no follow-through tomorrow, I'll have no choice but to just hang out and hope random bits of information will coalesce, producing a meaningful picture.

If there should be follow-through, it'll be a confidence builder for me, certainly.

Towards the middle of December is when we need to reach into our wallets. However, if units drop sharply at any time between now and then, I'll be prepared to buy units.

The thing to keep in mind is that a 14% yield is simply not common. Add in that this is a Fortune 500 company; what we have is a very strong company with assets strewn all over the country. Sure, there was a difficult quarter but it's passed and if the conference call and earnings report affirm that the company is indeed, narrowing its focus as well as taking other measures to strengthen the balance sheet, then I believe we have a powerhouse set to surge forward.