Can RIG Bounce?

The S&P Closed up 27.67 points (2.58%) for a nice strong close today and the Dow Jones finished +225 (2.25%). The stock market has been choppy lately trading between the 1060 and the 1100 areas on the S&P 500 (See below). Currently the S&P Index closed right below this 1100 area which appears to be resistance at the moment. If the markets can get another up day tomorrow and stay above this number, stocks should be able to get a bigger bounce. Stochastics and MACD are also turning up from being in the unsold area which could provide a little more power. With all the uncertainty with Spain, Greece, The Largest Oil Spill in history, etc., I dont think the bounce would last very long In my opinion. For the moment, I see the market trading sideways until alot of this uncertainty becomes clear.

S&P 500 Chart 6-2-10




There are however oportunities that present themselves on a daily basis and some stocks that buck the current trend. Apple (AAPL) for instance has been sticking to its guns. While the market has been attempting to choose a direction, AAPL is heading back to its all time highs.

AAPL Chart 6-2-10




Still have not done much trading and If I do, I am staying small. Today I did put on a small position. I bought some Transocean - RIG July 60 calls which I currently have an average of $1.43. I'm looking to sell at approx $2.00 for a 33% gain but I'll take what I can get! Can RIG Bounce????

RIG Chart 6-2-10




I'll let you know how it goes!