I just bought 10 contracts to open of the ConocoPhillips (COP, $36.47, up $1.12) March 40 calls (COPCH, $0.58, up $0.20) at 58 cents.

My target is 75 cents to $1.00 with a stop set at 40 cents.

The Exxon Mobile (XOM, $65.03, up $1.00) trade is doing well as the April 70 calls (XOMDN, $1.75, up $0.17) are up another 10%. The trade was profiled last Thursday (3/5) at $1.25.

There is talk OPEC could cut oil production this coming weekend and the oil stocks are putting in a good day.

Rick Rouse