I'm hedging CLR with a short on XOP and a long position in DUG. CLR should continue to be one of the strongest oil E&P stocks. To me it makes more sense to short XOP than to short CLR, if you're concerned about falling oil prices. I think we could see another $10-15 down on oil prices later this summer because of weakening demand and profit taking in commodity oil. But then oil prices are likely to move back up on winter oil demand and as the Iranian nuclear crisis reaches a tense conclusion at the end of this year.
If you sell now you might be better off in two weeks, but you're likely to miss another big move in the next 1-3 years. My price targets for CLR are 100 within 12-18 months and 140-200 within three years. You could make a few bucks per share on the short side this summer but the big bucks are on the long side in the next few years, imho. So which do you want, a few bucks per share or big bucks?