Moving into a USO long position today. It looks like we've hit some resistance on the downside here around $45 and I like the chances for an upside move.
Also, I opened a longer-term speculative position on a PE buyout of GPS (Gap Stores). I bought a bunch of Jun 2007 calls at $22.50 for $0.35 each. If GPS gets taken out before then, you are looking at $2-3 upside, which is basically a 10:1 shot. I like those odds!