Energy stocks are rallying today on no apparent news. I would assume they’re moving up just because they’re at the bottom of ends their ranges and are oversold. Whatever the case may be, I don’t trust the bounce in energy stocks because the Saudi’s seem content to keep the price of oil down for the foreseeable future.
Don’t get me wrong, I am a bull on energy. However, the time is just not right to buy yet. So, I will pull the trigger on another put option for Apache (APA) to hedge out the month of December. I will also look to add more to Trinity (TRN) at the close. -Todd Akin