Steady as she goes with Chicago Bridge & Iron (CBI), which I first wrote about on April 6, 2009, at a price of $7.31, which has pushed through psychological resistance at $30.

Further, obviously if you're in near $7.31 or at a dollar-cost-average below $14, now may be a good time to consider taking some profits off the table with CBI.

However, those investors who can tolerate the risk can hold on to their full position in CBI go for a possible larger gain. I'd also raise the sell/stop loss to $22 from $18 at this stage.

If you took the opportunity to scoop-up more shares of Chicago Bridge & Iron (CBI), which I first wrote about on April 6, 2009, at a price of $7.31, during its summer dip to about $16, you made the correct move, as CBI has reaccelerated, as forecast, and is now testing $30.

In fact, if you're in at $7.31 or at a dollar-cost-average below $14, if you haven't already, now may be a good time to consider taking some profits off the table with CBI. However, those who can tolerate the risk can hold on to their full position to go for a possible larger gain.

I'd also raise the sell/stop loss to $18 from $14.

The shares of Chicago Bridge & Iron (CBI), which I first wrote about on April 6, 2009 at a price of $7.31, pulled-back as expected this spring, on a projected roughly 10% revenue decline in 2010, but just look on that stock retreat as an opportunity to scoop up shares of a premiere company.

Chicago Bridge & Iron specializes in projects that produce, process, store, and distribute the world's natural resources. Liquid natural gas and refining project revenue will likely decline in 2010, offset somewhat by Canadian oil sands and shale gas/unconventional gas project revenue.

In April, the call was that Chicago Bridge & Iron (NYSE: CBI) was undervalued at $7.31. If you bought CBI in April, you're up 178%. Not bad.

Moreover, it goes without saying that I'm reiterating my Buy rating for CBI, first recommended on April 6, 2009.

I'm reiterating my Buy rating for Chicago Bridge & Iron (NYSE: CBI), first recommended on April 6, 2009 at a price of $7.31.

Did you have a chance to get in on CBI in April? If you did, you're up more than 90%. But the good run is hardly over.

Chicago Bridge & Iron (NYSE: CBI), was trading at $31.39 in after market trading last night, below its close of $36.39 Tuesday.

CBI lowered guidance for 2008 and will take a Q2 pretax charge of $317 million on cost over runs associated with two LNG projects in the UK. Goldman Sachs says: "Lowering rating to Neutral on nagging execution risk."

CBI August option implied volatility of 66 is above its 26-week average of 53 according to Track Data, suggesting larger price movement.

Financial Select Sector-XLF overall volatility at 51; 26-week average is 36

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

TheStreet.com's Jim Cramer says this report highlighted where the success lies in this market: energy and petroleum.

Fluor's (NYSE: FLR) (Cramer's Take) a monster. It shows you that what has hurt the other companies, particularly Chicago Bridge & Iron (NYSE: CBI) (Cramer's Take), is pure execution.

This gigantic beat also serves to remind us of the big dichotomy. You are either in the energy and petroleum products game or you are in a lot of games that don't work.

It's not easy for these companies, some of which have lived off the duress of state and local governments, including Shaw (NYSE: SGR) (Cramer's Take) and to a certain extent Aecom (NYSE: ACM) (Cramer's Take) and URS (NYSE: URS) (Cramer's Take), to become oil-and-gas plays.

The only ones that have transcended it beside Fluor are Foster Wheeler (NASDAQ: FWLT) (Cramer's Take) and Jacobs Engineering (NYSE: JEC) (Cramer's Take), and the only reason you would really know that is longevity. I remember in the early 1980s when FLR and then FWC would compete directly for all of the huge projects after the second oil shock.