We're move ambivalent about the Oil sector because of the lack of volume accompanying the recent break-out. If volume comes in, we'll change our stance, but until then we'd rather trade this sector with a bit more caution.
The two ETF's we like to use when focusing on crude and oil companies are USO and OIH. The other popular one, XLE, is also a good trading vehicle but the daily on OIH is much cleaner than in XLE.
We had USO long on the trend-line break of 29 in our newsletter on Friday. We still like it but want confirmation as the volume on the break was questionable.
OIH same story -- price looks good and it wouldn't surprise us if OIH rallied 10 points within 10 days but it needs to confirm as volume on Friday was weak.
SU looks good to go for run to 30.
Lots of clean air for COG as it sits above its 200 SMA.
EOG could be in for a good move through 67.