For Monday I wanted to establish fresh longs in the oil sector. I bought the Occidental Petroleum July 21 calls at $2.25 They closed $2.95 on Tuesday. RSI on the hourly is only at a neutral reading, so I am sticking with the thought for more upside here. 

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The broader market has acted like the correction is still ongoing. Particularly noteworthy is when we have early had characteristics that accompany one way trending up days, the market hasn’t delivered on its early day promise. So for Wednesday, I am going to stick with the oil stocks, and be cautious elsewhere.