The way crude trades these days it almost feels like there should be a carnival barker urging you to quickly place your bets! On Friday crude reached a record high for the second straight day, jumping up to $142.99 a barrel. However earlier this same week prices fell as much as $5 on a government inventories report.

Up… down… left… right? Oil bulls are quick remind that Morgan Stanley analyst Ole Slorer predicted that oil would hit $150 by July 4th. (He made the call the first week of June.) And Goldman Sachs has said oil could go as high as $200 before it settles.

If oil goes higher next week how should you trade?

I’ve been playing the expiration trade, explains Joe Terranova. If oil prices climb toward $150 the week of July 4th I’d go into the refiners.

Why?