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But if you want pure refining, I prefer Phillips 66. It's a more diversified company. It operates in the transportation and distribution sector. It also has a chemicals sector .

You should be aware that some of these refineries have experienced significant price movements. So it became a bit expensive , but if history is any guide, its net profit in 2003 rose by 375%.

Either way, that's bearish for the names like a Valero. And if we look at Valero, look at the drop that we've seen the last couple days. First of all, look at the extension. I still think there's more downside on Valero.

Again, we'll see if it happens today with oil bouncing, but in the near term, I do think Valero, PSX, MPC, they all should come down much, much much more.