Are you Really that Bullish on Oil

After the better than expected monthly jobs numbers out this morning, the September US dollar index is getting smashed down almost a point. Crude Oil is having a huge day - the September contract is up over $4.00 and is trading above its most recent high of 90.95. It appears to have its eyes set on the September 20^th high of 93.25. As this market enters into short term overbought territory there are opportunities to take advantage of what I think will be volatile trading over the next few weeks. There are several ways to capitalize on a possible retracement back to the mid $80’s level. When you look at the current supply of crude oil, it appears to be ample to meet the current demand - speaking of demand it is still very questionable if we will see in increase in the 3^rd and 4^th quarter.