Arena Resources Shares Hammered; $34.60 at 11:45 a.m. eastern
Shares are down $2.25 or 6.11%

As crude is off over a dollar to $71 a barrel, traders on Wallstreet and Mainstreet look for an excuse to take some profits on the recent rise in oil prices to record highs. Fundamentally demand is still strong for crude oil and supplies are as tight as ever. The May contract for NYMEX crude oil expires today. Tomorrow the June contract will become the front month. Even with a drop in crude oil prices today, look for prices to be higher tomorrow. The current price on the June contract is $72.85 at 11:21 a.m. This is $0.80 higher than yesterday's record close on the May Crude Oil contract of $72.05. The summer driving season is not yet upon us. Neither is the hurricane season. Stay tuned. Care to buy the dip? Enterprising investors may want to consider this as an excellent entry point off the record highs to initiate or increase a position in ARD. Don't wait too long though. At prices this low supplies won't last long.