As noted earlier, if you're looking for a slow, predictable play, pass on Canada-based oil sands play Suncor Energy (SU).

Suncor, which I first wrote about on February 5, 2009, at a price of $18.35, has chopped and bounced its way up to about $48, primarily on oil's sustained, elevated price -- necessary to make higher-cost oil-sands extraction profitable -- and there's scope to $50 and beyond.

Moreover, to say SU's rise has had its fits-and-starts would be an understatement: $5 weekly gains are followed by $3 losses.

If you're looking for a steady, no-worries stock gainer, skip Canada-based oil sands play Suncor Energy (SU).

Suncor, which I first wrote about on February 26, 2009, at a price of $18.35, has roller-coastered its way up to about $36, largely on oil's sustained, higher price -- necessary to make higher-cost oil-sands extraction profitable. But the ride certainly hasn't been for the squeamish: $5 monthly rips up and frequent followed by $4 plunges.

I first discussed Suncor Energy (SU), here on February 5, 2009, at a price of $18.35, and the Canada-based oil sands play continues to try the patience of investors. The stock has cycled above/below the $31 level for seven months.

Moreover, that technical indicator uncertainty typically would warrant kicking the stock, but Suncor's business model and energy sector status keeps the trade in play, for now. I'll review Suncor again in a month or as conditions warrant.

I first wrote about Suncor Energy (SU) on February 5, 2009, at a price of $18.35. Shares of the Canada-based oil sands play have meandered for the past three months, but I still like the business model. Here's why.

Recent volatility is in part due to the uncertainty surrounding future oil exploration regulations, as a result of the massive Deepwater Horizon oil spill. Oil sands recovery does not represent as large a risk to the environment as drilling a mile (or more) beneath the ocean, but land-based oil exploration may face tougher regulations, moving forward, nonetheless.

Suncor Energy (NYSE: SU) is expected to close on its purchase of Petro-Canada (NYSE: PCZ) in Q3 pending regulatory approvals. PCZ will receive 1.28 shares in the new company for each of their shares while SU holders will receive one share.

SU closed at $30.60. PCZ closed at $38.83. WTI Crude oil is recently down 0.21% to $71.34 according to Bloomberg. SU August option implied volatility of 53 is below its 26-week average of 60, according to Track Data, suggesting decreasing price movement.

Petro-Canada August option implied volatility is at 54, below its 26-week average of 59, according to Track Data, suggesting decreasing price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Suncor Energy (NYSE: SU) is a vertically-integrated oil company located in Canada. Unlike its vertically-integrated brethren in the United States, this Canadian stock is up more than 40% this year. By comparison, Exxon Mobil (NYSE: XOM) is down 13%, and ConocoPhillips (NYSE: COP) is down more than 20%.

The reason for the big difference in performance is the weakness in the dollar. That makes Canadian-based Suncor more valuable to investors.

You have to love OPEC. It's not uncommon for the barons of the giant cartel to voice their interest in seeing oil at such-and-such a price.

Recently, OPEC reiterated its desire to see oil prices at $80 per barrel. This, they claim, is the price needed to spur additional investment in crude projects. Apparently, anything less will result in oil sitting idle in the ground.

Petro-Canada (NYSE: PCZ) will be purchased by Suncor Energy (NYSE: SU), the world's second-largest oil-sands producer, for about $14 billion.

PCZ will receive 1.28 shares in the new company for each of its shares, while SU holders will receive one share. PCZ April option implied volatility closed at 64, below its 26-week average of 71, according to Track Data, suggesting decreasing price movement.

SU April call option implied volatility closed at 82, puts at 89, above its 26-week average of 80, according to Track Data, suggesting larger price movement.

Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

"The best thing to do in this market volatility is to take a deep breath and say, 'This too shall pass'," says Neil Macneale, who buys only stock split candidates for his 2-for-1 newsletter. Here is his latest.

"In general, getting out of the stock market at this time would be exactly the wrong thing to do. If 'buy low, sell high' means anything, we should be buying stocks now with whatever cash we can find. Otherwise, the ship will sail without us. Of course, given the exact market bottom is not knowable until after the fact.

"Indeed, new purchases may not be perfectly timed, but we continue to believe that it will be better than not buying at all. And because our policy with our 2-for-1 portfolio is to buy something every month, at least one of our purchases over the next several months will be very close to perfectly timed.