OIL

There is plenty of discussion about whether oil has made an intermediate-term top or if it is just pulling back in the short run. First of all, nobody knows, but if you have an irresistible urge to participate in this move (one way or another), I recommend doing so by using a low-risk strategy. Here's an example with USO:

United States Oil Fund (USO) - No pullback to this trendline is guaranteed of course, but if it happens, it will present a good low-risk entry point. If it never pulls back to this level then I would not consider entry to be low-risk and I would look elsewhere. It is low-risk in that you would place a stop just below the trendline. This way, if you are wrong about your outlook on USO, you vastly limit your losses.

Ultra Oil and Gas ProShares (DIG) - when you're really confident on the long side.

UltraShort Oil and Gas ProShares (DUG) - and on the short side.