United States Oil Fund (USO) is recently up 17 cents to $40.12 in pre-open trading. WTI Crude futures are recently up 0.58% to $82.85 according to Bloomberg. USO unit net asset value reflects the performance of the spot price of West Texas intermediate light crude. April put option implied volatility is at 28, May is at 31, July is at 33; verses its 26-week average of 37, according to Track Data, suggesting decreasing price movement.

Qualcomm (QCOM) closed at $42.13. QCOM has been recently subject to wide share price movement. QCOM overall option implied volatility of 27 is near its 26-week average of 29 according to Track Data, suggesting non-directional price movement.

Update is by Stock Specialist Paul Foster of theflyonthewall.com

United States Oil Fund (NYSE: USO) closed $36.68. WTI Crude futures are recently down .45% to $71.40 according to Bloomberg. USO unit net asset value reflects the performance of the spot price of West Texas intermediate light crude. USO over all option implied volatility is at 44; verses its 26-week average of 46, according to Track Data, suggesting non-directional price movement.

Harley-Davidson (NYSE: HOG) closed at $23.28. HOG is scheduled to report Q3 EPS on October 15. HOG October option implied volatility is at 76, November is at 55; verses its 26-week average of 60, according to Track Data, suggesting decreasing price movement after EPS.

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

Chevron (NYSE: CVX) closed at $70.48. CVX interim Q1 2009 earnings are scheduled to be released on April 9. WTI Crude futures are recently up .93% to $53 according to Bloomberg. CVX April and May option implied volatility of 41 is below its 26-week average of 52, according to Track Data, suggesting decreasing price movement.

United States Oil Fund (NYSE: USO) is recently down 12 cents to $30.81 in pre-open trading. USO unit net asset value reflects the performance of the spot price of West Texas intermediate light crude. USO April option implied volatility is at 69; May is at 62; near its 26-week average of 67, according to Track Data, suggesting non-directional price movement.

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

United States Oil Fund (NYSE: USO) is recently down $1.07 to $25.98 in pre-open trading. WTI Crude futures are recently down 5.16% to $42.45. USO unit net asset value reflects the performance of the spot price of West Texas intermediate light crude. USO March option implied volatility of 72 is above its 26-week average of 68, according to Track Data, suggesting larger price movement.

Financial Bear 3X (NYSE: FAX) 3X is recently up $8.07 to $70 in pre-open trading. FAZ March 70 straddle is priced at $28.90, April 70 straddle is priced at $39. FAZ over all option implied volatility is at 192 according to Track Data, suggesting extreme price movement.

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

United States Oil Fund (NYSE: USO) is recently down 60 cents to $23.68 in pre-open trading. USO unit net asset value reflects the performance of the spot price of West Texas intermediate light crude. USO March option implied volatility of 78 is above its 26-week average of 67, according to Track Data, suggesting larger price movement.

UltraShort Financials ProShares (NYSE: SKF) is recently up $10.48 to $196.60 in pre-open trading. SKF is an exchange-traded fund seeking daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Financials Index. SKF March option implied volatility of 155 is above its 26-week average of 123, according to Track Data, suggesting larger price movement.

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

What is going to happen with crude? Two sessions ago, black gold dropped 7% to trade in the $35 region. Yesterday, crude hovered near break even. Today, we have the weekly crude inventory report -- which should have a modicum of impact on crude's price.

What I find interesting is the fact that we haven't seen the relief at the pump yet. I know that the Cushing, OK reserve is fully stocked and some of the crude sent to the stations is still from a time when black gold was worth more. But we have to be getting close to the $35-per-barrel stuff, right? I know right now I pay roughly $2 per gallon -- and I know, I should quit whining, but still....