There's not a great deal of down side to the stock right now, especially, at $73.30. Somebody bought in 2.5 million shares on Tuesday afternoon. Today, there was a (1500) contract purchase of OXY JAN13 $72.50 CALLS around $3.90. The volume is low, but it looks as if somebody's setting up for a move up in this stock by mid-January? (1500) contracts is approx. $485,000 worth. The delta is about .62 on those. If the stock move up a buck, that's a $93K gain for those folks.
If the market moves up again, OXY has custom of making some nice daily pops of $2/sh+.
Historically, oil stocks peak in February and then get trashed. That may not be true anymore?
My guess is that there will be more printing per the fiscal cliff crap and the dollar will fall and oil stocks will rise again. I was initially looking to enter CVX today, but then noticed the big block buy on OXY.