Halliburton (HAL) adds $2.36 t o$47.84 as the drillers rally on higher oil prices. Crude is now $1.56 to $86.94. Meanwhile, in HAL options action, one strategist sold the Sep 40 – 50 strangle at $2.16, 6000X, to buy 4,000 Sep 45 calls at $3.93. In other words, they sold 40 puts to buy the 45 – 50 (2X3) call ratio spread. The Sep 50s might be closing, but the overall position seems to be a bullish play in anticipation of additional gains in shares of the oil driller through the September expiration, which is in 32 days. HAL is up in four of the past five days, but down 17.3 percent from the 52-week high of $57.77 on July 25.