I thought the bounding box should align automatically to the object… I have no idea why the bounding box is not aligned to my object 
Anyway, rotate tool should allow me to rotate the object in any direction I want… why should I use any other tool if this is the exact tool I should use? I want to rotate the view not the object!
I figured it out that using ctrl+rotate tool makes it a little easier to rotate the view BUT as soon as I release the CTRL key and keep rotating the object comes back to its original position. Is this a bug?