Oil right here is at a significant cross road. Today it showed significant strength considering those supply numbers we got. It opened strong, came back to even, and ending up closing up a buck. This is pretty indicative of strong resistance at these levels. If you look at most the charts it seems that most of the drillers have been bottoming in anticipation of a move up in oil. If oil continues to show strength, its definitely time to get long some commodoties, agriculture, solars etc... However, you can not get long until we get some more confirmation. A lot of Drillers look kind of bearish long term wise and just a higher high on the bottom of a trend isn't enough to signify a reversal.
Here is one stock that I really like. CLR. If it breaks above 51.24, I am getting me some calls. The chart suggests almost an 8 dollar move if it breaks.
I like the Sept 55 calls. My stop loss will be 48.00
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