Halliburton is one of the biggest names in the sector, and one of the most active underliers in terms of options activity. That creates the potential for leveraging even small moves with puts.
HAL is also at a key level around $24. Chart watchers may look for a retest of recent lows near $18 -- or lower -- if that area breaks. is signaling momentum, as well.
The company reported strong yesterday, which has supported its stock price. But rival Schlumberger fell despite similarly positive news on Friday. Will HAL follow?
"The trend is your friend," as the old saying goes. The long-term trend has been downward in energy. And now, after a period of consolidation, the bears may be prowling again in this sector.