Oil Services Cling On To Minor Gains
This morning, all of the leading oil service stocks are holding on to some minor gains. This sector along with most other energy markets has been very weak since March 2012. Today, the Market Vectors Oil Services ETF (NYSEARCA:OIH) is trading higher by 0.20 cents to $36.16 a share. Short term day traders should watch for intra-day resistance around the $36.70, and $37.40 levels. This sector could be poised for a bounce if the major stock indexes can rally as the OIH is showing intra-day relative strength.
Some of the leading oil service stocks that are trading in positive territory today include Baker Hughes Inc (NYSE:BHI), Transocean LTD (NYSE:RIG), Diamond Offshore Drilling Inc (NYSE:DO), and Halliburton Company (NYSE:HAL). These stocks should be followed closely today as possible runners if the major stock indexes can catch a bid higher. If the major market indexes decline lower then traders should not expect these stocks to move much higher.