FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * GLANCY W JOHN   2. Issuer Name and Ticker or Trading Symbol HOLLY CORP [HOC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Sr. VP & General Counsel (Last) (First) (Middle) 7420 GLENSHANNON CIRCLE 3. Date of Earliest Transaction (Month/Day/Year) 08/07/2006 (Street) DALLAS, TX 75225 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 08/07/2006   M   1,700 A $ 2.975 38,626 D   Common Stock 08/07/2006   S   1,700 D $ 53.11 38,626 D   Common Stock 08/07/2006   M   300 A $ 2.975 38,626 D   Common Stock 08/07/2006   S   300 D $ 53.07 38,626 D   Common Stock 08/07/2006   M   7,600 A $ 2.975 38,626 D   Common Stock 08/07/2006   S   7,600 D $ 53 38,626 D   Common Stock 08/07/2006   M   200 A $ 2.975 38,626 D   Common Stock 08/07/2006   S   200 D $ 53.06 38,626 D   Common Stock 08/07/2006   M   2,800 A $ 2.975 38,626 D   Common Stock 08/07/2006   S   2,800 D $ 53.05 38,626 D   Common Stock 08/07/2006   M   1,200 A $ 2.975 38,626 D   Common Stock 08/07/2006   S   1,200 D $ 53.04 38,626 D   Common Stock 08/07/2006   M   800 A $ 2.975 38,626 D   Common Stock 08/07/2006   S   800 D $ 53.03 38,626 D   Common Stock 08/07/2006   M   4,700 A $ 2.975 38,626 D   Common Stock 08/07/2006   S   4,700 D $ 53.02 38,626 D   Common Stock 08/07/2006   M   700 A $ 2.975 38,626 D   Common Stock 08/07/2006   S   700 D $ 53.01 38,626 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (Right to Buy)

$ 2.975

08/07/2006

M

20,000

(1)

(2)

Common Stock

20,000

(3)

66,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
GLANCY W JOHN 7420 GLENSHANNON CIRCLE DALLAS, TX 75225	X		Sr. VP & General Counsel

Signatures

W. John Glancy		08/08/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Option became exercisable to the extent of 20% at March 9, 2002 and became exercisable for an additional 20% on each March 9 thereafter. The option became fully exercisable on March 9, 2006.
(2)	Option generally expires ten years from the effective date of grant (the period for exercise may be extended in certain cases following the death of the reporting person). If the reporting person's employment terminates because of death, permanent disability or normal retirement, the option is generally exercisable in full for two years from the date of termination. If the reporting person's employment is terminated for cause (as defined), the option immediately ceases to be exercisable. If the reporting person's employment terminates for any other reason, the option is exercisable for one year after such termination to the extent the option was exercisable at termination.
(3)	Option was partial consideration to employee for services.

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