Both the XLE(Select Sector Energy ETF) and the OIH(Vectors Oil Services ETF)are moving higher as the new week begins.  We turned positive on the XLE last week and believe a new rally leg may be underway.  Here’s more on the bullish option activity in the XLE last week:   XLE Option Update: The Jan 72 calls highlighted last week continue to trade actively, with most recent prints around the $.75 area (up from $.50-.55 closing market on Friday). One investor expects continued upside as they executed a 1,500 contract spread mid morning by selling the Jan 69 calls (likely monetizing a profit) and rolling up 3 strikes to buy the aforementioned Jan 72 calls.