Wednesday saw the markets turn down quickly. The S&P 500 fell through key support at the 1490 level late in the day, and we saw negative momentum carry through the session.

After the bell,

Cisco

(CSCO) - Get Report

reported fairly positive earnings, yet the stock was down nearly 9% in extended trading. With the markets in a state of turmoil and oil prices pushing toward $100 a barrel, it's time to keep our focus on the oil sector.

Today I would like to take a look at another previous selection in my column,

Hercules Offshore

(HERO)

. It's only a matter of time before the peripheral oil companies rise as the strength in oil drives the money throughout the industry.

Hercules offers contract drilling services for oil and natural gas exploration, in both deep and shallow waters. The company has a large international component and operates in many offshore oil hotbeds throughout the world. As the price pushes higher, so does the incentive to explore and drill more.

With overall sentiment rather negative today, I will proceed with caution. I will place a limit order to buy 10 April 22.50 calls (HIQDX). The price I will pay for this past winner will be $5.00; I will place a limit order and let it come in.

Stocks in Play

Amid yesterday's blood bath,

Hershey

(HSY) - Get Report

held up well, considering what happened to the rest of the market. After picking up 100 contracts at 30 cents, my average price for the November $45.00 (HSYKI) comes in at $1.43. Today, I will lower my good-till-canceled sell order to $1.60, which will return a win of over $10,000. Bottom line: I will change my GTC order on the November 45 Hershey calls (HSYKI), which are currently trading at $1.43, to $1.60.

At the time of publication, Dykstra had no positions in stocks mentioned.

Nicknamed 'Nails' for his tough style of play, Lenny is a former Major League Baseball player for the 1986 World Champions, New York Mets and the 1993 National League Champions, Philadelphia Phillies. A three time All-Star as a ballplayer, Lenny now serves as president for several privately held businesses in Southern California. He is the founder of The Players Club; it has been his desire to give back to the sport that gave him early successes in life by teaching athletes how to invest and protect their incomes. He currently manages his own portfolio and writes an investment strategy column for TheStreet.com, and is featured regularly on CNBC and other cable news shows. Lenny was selected as OverTime Magazine's 2006-2007 "Entrepreneur of the Year."