Microsoft ( MSFT) blew out earnings Thursday and should help boost the market. Technology stocks have provided solid earnings this past quarter, with the likes of Microsoft and Intel ( INTC) becoming growth stories once again. Although tech has flexed its strength, I would like to once again focus on the oil sector, this time with Hercules Offshore ( HERO). I last wrote about the company on March 21. Hercules offers drilling and lift-boat services to oil and natural gas exploration companies, and with oil booming, these stocks look well poised to rebound from their early summer decline. Yesterday I wrote about Unit, ( UNT) an excellent value in oil stocks. Hercules provides an equally attractive play. The stock is trading just about at long-term support levels that will provide solid support for a company trading with a PEG ratio of 0.24. When I look for cheap PEG, I expect to find a company at 1 or less. With Hercules, we have a rare opportunity; both the technical and fundamental metrics for this company indicate a rebound is in order. The company's shares closed Thursday at $24.87, well off the 52-week high of $36.97. With the price of oil soaring, Hercules' stock should reclaim some lost ground. I will place a limit order to buy 10 April 17.50 calls (HIQDW) for $7.90 or better.