I noticed a lot of call volume on the refiners such as WNR, TSO and VLO on the Nov or Dec 09. In your experience and observations, is this bullish or bearish? I can picture a few scenarios where it could be either, but what are your general observations when this takes place?
I included this article from WSJ for reference. http://online.wsj.com/article/SB125322971522721253.html