Yesterday was a pretty good day. Ya know, the more things go up, the more we get accustomed to big numbers. In the mid 1990s, a 10 point move up in the Nasdaq Composite was a monster day.  Now 50 point swings get barely a raised eyebrow. And just two years ago, a $1 move in crude was a news headline. Yesterday crude scored its largest ever one day dollar gain … after the chorus of traders calling for a top in crude prices reached a deafening crescendo on CNBC. This is all noise. But it did lead to large gains in the E&P and Oil Service names (sorry refiners but it wasn't your day). As you know I don't give advice but I'll tell you what I remind myself when my portfolio hits record high after record high and the Robb Report starts looking interesting. I tell myself, "self, don't get used to these gains, and moreover, don't become complacent about them. You speculate in energy related equity options, and those are wasting assets; take profits, and buy them back lower … later."    

In Today's Post:

1. Holdings Watch - busy day
2. Commodity Watch
3. Stocks We Care About Today - CHK updates Haynesville activities, CXO buys Permian reserves
4. Odds & Ends

Holdings Watch: The Performance and Wiki tabs are updated.

• (NFX) - Bought the NFX $65 September calls (NFXIM) for $5.40. I'll hold them for Mancos and Bakken well news. I also hold the July $70 calls here which may or may not go out the door before I leave town later this month.

• (NBR) - Bought the NBR $42.50 June Calls (NBRFV) for $1.45 for a quick trade as the stock was breaking out. Will not hold onto these for long but am likely to continue to play in and out of the name around a core position in July and soon to be longer dated calls. 

• (HK) - Sold the HK July $30 Calls (HKGF) for $4.80, up 300% 

• (CLR) - Sold the CLR July $65 Calls (CLRGM for $7.10, up 87%

• (HAL) - Sold the HAL June $47.50 Calls (HALFW) for $2.30, up 28%. I continue to hold the June $50 (not for long) and July $50 calls here.

Commodity Watch: