So oil companies are down we know that but last night we had a big up move in oil and that would cause short covering today. As of the close last night I had no positions to benefit from this directly and I don't buy in the pre market so by market open it will be too late. However if we look for companies with low liquidity those are less likely to be traded in the pre market because of the huge swings in price that can cause, therefore will open lower.
So I went looking for high quality oil companies with low liquidity this was easy as I am a summer student at Enerplus . The reason I call it a high quality oil company isn't because I know how to read balance sheets it is because of on Aug 19th when most oil companies moved 5-7% they moved much more hinting at strong institutional buying looking for high yields.
I bought at $5 (never got the low of the day before) then sold at 5.51. This was a short term trade as I am still overall.